Since 1999 our law firm has recovered more than $350,000,000 for victims of investment fraud and misconduct.
Jury Verdict Won Against Prudential Securities $262 Million
Recovered for 100-Year Old Widow $30 Million
Recovered in Retirement Losses $10 Million
Recovered for a Large Group of Individual Investors $6.5 Million
Recovered for Elderly Victim in Ponzi Scheme Case $3.8 Million
Recovered for Elderly Ponzi Scheme Victim $3.2 Million
Recovered for More Than 50 Families of Ponzi Scheme in California $3.2 Million
Recovered for 35 Families in Northeast Ohio $3.1 Million
Losses Recovered for 20 Retirees $3 Million
Recovered for Retired Physician Against Major Wall Street Firm Prior to Filing FINRA Arbitration $2.5 Million
Michigan Unsuitability Claims Against Financial Advisors
If you hire a financial advisor to supervise your accounts and investments, you have the right to expect the advisor to make decisions according to your best interests. Unfortunately, some financial advisors fail to fulfill this expectation, resulting in issues such as misconduct, negligence, fraud or breaches of fiduciary duty. These mistakes can lead to recommending unsuitable investments.
Contact the law firm of Meyer Wilson if you suffered an economic injury due to an unsuitable investment recommendation by your financial advisor in Michigan. The financial advisor may owe you financial compensation for your losses.
What Sets Us Apart?
- We have more than 20 years of experience handling investment fraud claims.
- We have successfully recovered more than $350 million in total for our clients.
- We believe in open communication and aim to answer all correspondence within 12 hours.
- We have connections to securities regulators and expert witnesses.
- We accept Michigan unsuitability claims on a contingency fee basis.
Ways in Which a Lawyer From Meyer Wilson Can Help
An unsuitability claim against a financial advisor often does not take the form of a lawsuit against the individual advisor responsible for your economic loss. Instead, a larger corporation may be vicariously liable for the advisor’s misconduct. Going up against a powerful corporation can be difficult without assistance from an attorney. The corporation may have an aggressive legal team to dispute liability. A lawyer can help you battle common tactics from legal teams and defend your side of the case. The attorneys at Meyer Wilson can also take a corporation to court if that is necessary for fair compensation.
What Does Unsuitability Mean?
The New York Stock Exchange has rules and regulations in place for securities law. Rule 405, or the Know Your Customer Rule, requires investment advisors to only recommend investments that are suitable for the client based on his or her specific needs, station and goals. An advisor may only recommend investments that a prudent person would make. Advisors cannot lawfully suggest investments they believe will result in the client losing money.
The Know Your Customer Rule does not require advisors to only make decisions that profit the client. Advisors can recommend investments that turn sour and lose money for the investor without facing charges for unsuitability. The difference lies in whether a reasonable advisor would have made the same decision. If a prudent financial advisor would not have recommended the investment, the advisor may be guilty of negligence and of making an unsuitable recommendation.
Proving unsuitability requires an attorney to show that the financial advisor owed a duty of care to the investor at the time of the recommendation, negligently or intentionally breached this duty, and caused the investor’s losses. The financial advisor’s breach of duty must be the proximate cause behind the claimant’s economic damages. A lawyer from Meyer Wilson may be able to help you with the burden of proof during a Michigan unsuitability claim.
Do You Have a Claim?
Bringing an unsuitability claim against a financial advisor in Michigan could result in payment for the losses you suffered due to fraud or misconduct. Your lawyer must be able to prove the necessary elements and your damages for you to receive a compensatory award. Damages can include monetary losses, past and future emotional suffering, and awards. You have up to six years in Michigan to bring a claim for fraud, with some important exceptions. Discuss your case with an attorney to discover your exact time limit. We can assist in filing your claim.
Contact an Attorney Today
The lawyers at Meyer Wilson can help you with an unsuitability claim against a financial advisor in Michigan. Each case begins with a free consultation and initial case review. During your meeting with an attorney, you will have an opportunity to ask questions and receive tailored, unbiased answers. Speak to an experienced attorney today. Call (800) 738-1960 to schedule a consultation.
More than $350,000,000 Recovered
Voted Best Lawyers in America® for Ten Years Running
David Meyer is President of Public Investors Advocate Bar Association (PIABA)
Over a Thousand Investor Claim Cases Since 1999
Exclusive Focus on Investor Claims & Class/Mass Action Lawsuits
Deep Bench of Skilled Attorneys and Staff Members
Meyer Wilson has represented over 1,000 individual investors in high-stakes claims across the country, and has recovered over $350 million on their behalves. See what former clients have to say about our team.