Van Kampen Master Municipal Income Portfolio May Have Been Improperly Sold
As a Low-Risk Investment
The investment fraud attorneys at the Ohio-based Meyer Wilson have been
contacted by Central Ohio customers of Huntington Investment Company who
lost substantial money in the Van Kampen Master Municipal Income Portfolio.
Based upon information uncovered so far, it appears that various Huntington
brokers may have pitched the Master Municipal Income Portfolio as a low-risk
investment when, in reality, the portfolio was quite risky. Many Huntington
customers may have suffered substantial losses of 20% or more during the
2012-2013 bond market crash as a result of
unsuitable sales by Huntington's brokers.
The Master Municipal Income Portfolio was a
unit investment trust that invested in various
bond funds. Municipal bonds (or "munis") are debt securities issued by
state and local governments. Because the interest earned on municipal
bonds typically is not subject to federal income tax, they can be an attractive
investment for people who are seeking to earn income that is tax free.
Municipal bonds are not risk free, however, and they can suffer significant
declines when there is a sudden shift in interest rates.
The Meyer Wilson believes that Huntington brokers improperly told their
customers, including retirees looking for income, that the Master Municipal
Income Portfolio would generate annual income of 5% or more without any
significant risk of loss of principal. But, when long-term interest rates
spiked in 2012 and 2013, the Master Municipal Income Portfolio declined
substantially. Many investors might have lost 20% or more.
If you are a current or former Huntington customer who lost money in the
Van Kampen Master Municipal Income Portfolio, you might be able to recover
your losses. Please call Meyer Wilson at 888.390.6491 for a no-charge
consultation with one of our experienced investment fraud attorneys. All
of our cases are handled on a contingency fee and we never request a retainer
of any kind.