Soreide Law Group, PLLC, is filing claims on behalf of Morgan Stanley Smith Barney clients that were sold Fannie Mae and Freddie Mac preferred stocks in 2007 and 2008. Despite internal limitations to recommend no more than 10% of an investor’s portfolio in preferred stocks, Morgan Stanley Smith Barney investors were sold Fannie Mae and Freddie Mac preferred stocks in concentration.
The risks of subprime market exposure for Fannie Mae and Freddie Mac were largely known in the securities industry and by Morgan Stanley Smith Barney beginning in early 2007. Rather than advising its financial advisors and its clients to avoid these companies, Morgan Stanley Smith Barney profited handsomely from underwriting and investment banking fees from these issuances, and by selling Fannie Mae and Freddie Mac preferreds to its clients in 2007 and 2008.
If you sustained significant losses in any of the following Fannie Mae issues you may have a claim:
9/28/07 Series P $1,000,000,000
10/7/07 Series Q $375,000,000
11/21/07 Series R $530,000,000
12/11/07 Series S $7,000,000,000
5/19/08 Series T $2,225,000,000
In addition, if you sustained significant losses in the following Freddie Mac non-cumulative preferred stock issue, you may also have a claim:
12/4/07 8.375% Preferred $6,000,000,000.
Securities Lawyer, Lars Soreide, of Soreide Law, PLLC, has represented clients nationwide before FINRA, the Financial Industry Regulatory Authority. If you or a family member purchased Fannie Mae or Freddie Mac preferred stock from Morgan Stanley Smith Barney, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses. To speak with an attorney, call 888-760-6552, or visit www.securitieslawyer.com.
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