November 12, 2003
Bloomberg News and Wire reports
Merrill Lynch & Co., the world’s biggest securities firm by capital, faces an arbitration claim by an investor in its Focus Twenty fund alleging the company violated sales practices and bought too many technology stocks.
The undisclosed investor, who is represented by the law firm of Klayman & Toskes PA, is seeking damages of more than $300,000. Klayman & Toskes is pursuing the claim before the National Association of Securities Dealers, the Boca Raton-based law firm said. The Focus Twenty fund has fallen 86 percent since its initial public offering in March 2000, when technology stocks peaked and started their three-year decline.