Meyer Wilson Law Firm Investigating Huntington Investment Company's Sales of Unit Trusts to Customers
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 misrepresentations and unsuitable sales by Huntington's brokers.
The Master Municipal Income Portfolio was a unit investment trust that invested in various closed-end municipal 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.