MIAMI, June 2, 2010 (GLOBE NEWSWIRE) -- The Law Firms of Dimond Kaplan & Rothstein, P.A. (www.dkrpa.com) and David R. Chase, P.A. (www.davidchaselaw.com) announce that they have filed a lawsuit in the Southern District of Florida against Bank Hapoalim alleging the improper sale of Lehman Brothers "Principal Protected Notes."
The lawsuit alleges that Bank Hapoalim made a series of misrepresentations and omissions associated with its unsuitable recommendation of Lehman Brothers "Principal Protected Notes" to an elderly Venezuelan retiree. The suit alleges that Bank Hapoalim recommended the purchase of Lehman Brothers "Principal Protected Notes," which subjected plaintiff's savings to significantly greater risk than was suitable.
Principal protected notes (also known as guaranteed linked notes) are structured investment products that can be linked to a broad range of underlying investments, including indexes, options on indexes, baskets of stocks, bonds, and even alternative investments such as hedge funds. They often combine derivatives with equities and/or fixed-income investments.
Principal protected notes were marketed as being appropriate for conservative, risk-averse investors who were seeking to preserve their capital and generate income. But the principal protected notes actually subjected many investors to far more risk than they were led to believe. And after Lehman Brothers filed for bankruptcy protection in September 2008, holders of the Lehman principal protected notes may have to wait in line with other unsecured creditors to recover what is left of their money, if anything.
Dimond Kaplan & Rothstein, P.A. is an AV-Rated law firm that represents investors throughout the United States, Latin America, and Europe in stockbroker misconduct and investment fraud cases. The firm has represented investors against most major Wall Street brokerage firms in claims involving stocks, bonds, options, auction rate securities, mutual funds, hedge funds, and other structured products. The firm has professionals fluent in Spanish and Portuguese. More about the firm is available on its website at: www.dkrpa.com or www.investmentfraud-lawyer.com.
The Law Firm of David R. Chase, P.A., has extensive experience representing defrauded investors worldwide in securities litigation matters. The Firm's principal, David R. Chase, previously served as Senior Counsel in the Enforcement Division of the Securities and Exchange Commission and as a Special Assistant United States Attorney in the Economic Crimes Division of the United States Attorney's Office in the Southern District of Florida. More about the firm is available on its website at: www.davidchaselaw.com.
If you lost money in a Lehman Brothers structured note or principal protected note or structured products issued by Bank Hapoalim or another brokerage firm, please contact Jeffrey Kaplan of Dimond Kaplan & Rothstein, P.A. at (305) 374-1920 or e-mail at jkaplan@dkrpa.com or David Chase at (954) 920-7779 or e-mail at david@davidchaselaw.com for a free case evaluation.
The Dimond Kaplan & Rothstein, P.A. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4684