CASE NO. 16-01829
Posted on Wednesday, July 1st, 2020 at 2:55 pm
Erez Law represented a Florida couple in their 60s that sustained significant losses in oil stocks in their Oppenheimer brokerage account and with Evan Fischer their financial advisor. The Claimants alleged that the oil stocks were high risk, unsuitable and that they were presented to them as conservative investments that would preserve their principal and provide income. When the price of oil declined in 2014-2016, the oil companies largely filed for bankruptcy or were restructured. Claimants lost nearly their entire investments in the oil stocks that made up a large percentage of their portfolio. Jeffrey Erez, Esq. of Erez Law tried the case in Boca Raton, Florida over 9 days. Oppenheimer vehemently denied liability. The FINRA panel awarded the Erez Law clients $800,000 as well as $61,517 for costs incurred in the case. The Award is significant in that the Claimants were able to recover significantly more than their net out-of-pocket losses in the oil stocks and a high percentage of their capital losses in these investments.