NEW YORK, Dec. 13, 2002 (PRIMEZONE) -- The Law Firm of Klayman & Toskes, P.A. ("K&T") (http://www.nasd-law.com), representing numerous First Union Securities, Inc. ("First Union") customers, continues to investigate and pursue claims on its clients' behalf against the brokerage house. Suits were filed against First Union before the National Association of Securities Dealers, Inc. ("NASD") and the New York Stock Exchange ("NYSE") seeking compensatory and punitive damages for violations of the Securities and Exchange Act of 1934, state securities laws, common law fraud, breach of contractual and fiduciary duties and gross negligence. The law firm's investigation has now expanded to include Ask Jeeves, Inc. (Nasdaq:ASKJ) investors.
The sole purpose of this release is to investigate, on behalf of our clients, sales practice violations by licensed brokers at First Union. The firm is pursuing arbitration suits before the NYSE and the NASD for securities violations including the misuse of margin, failure to supervise, unsuitability claims, misrepresentation and material omissions of fact, and excessive trading/churning of customers' accounts. We would greatly appreciate any information from Ask Jeeves shareholders with accounts at First Union with regard to the handling of their accounts.
K&T has offices in California, Florida and New York and represents investors throughout the nation. If you wish to discuss this announcement or have information relevant to our lawsuits, please contact Lawrence L. Klayman, Esquire of Klayman & Toskes, P.A., 888-997-9956 or visit us on the web at http://www.nasd-law.com