Are you a retiree from or a previous employee at United Continental (UAL), headquartered in Chicago, Illinois? If so, your 401k rollover was likely targeted by financial advisors at brokerage firms like UBS, Ameriprise and Morgan Stanley. Unscrupulous financial advisors recommend these investments that may not have been suitable or appropriate for retirement accounts like a 401(k) or individual retirement account. Under the Illinois Securities Act of 1953, all recommendations to investors 401(k)s must be suitable and appropriate in terms of the financial resources of the customer. This includes taking into consideration the clients’ age, annual income, net worth, in future earnings potential.
Often the biggest asset an investor owns other than his house is his 401(k) or retirement plan. This means financial advisors must be very careful when making recommendations to retirees at United Continental. The failure to do so can make the financial advisor and or brokerage firm responsible for any losses that may have been incurred in the retirement account.
Investors can use the FINRA arbitration claims process or file a lawsuit separately to recover 401(k) related investment losses. Please call Stoltmann law offices located in Chicago and Barrington, Illinois at 312-332-4200 for a no-cost review by an attorney as to whether investment losses in your 401(k) to be recovered on a contingency fee basis. There are no costs or fees unless we win.