An attorney who represents many clients currently involved with lawsuits against failed financial organizations said more are certainly likely following the collapse of some of this country’s most well-known giants.
Jeffrey Zwerling (Zwerling, Schachter and Zwerling LLP, New York City) said small investors will lose millions and will look to recover some of their investments based on these companies publicly misrepresenting them.
For months, if not years, firms that have recently failed have said an investor’s money is safe with their company.
The attorney, in a release, said “The people who invested in these stocks or mortgage-backed securities weren’t high-stakes gamblers. They’re like you and me. They invested a dollar and expected to receive a dollar’s worth of value in return.”
Zwerling said executives at these failed firms treated investor money and their business as their “own personal casino” and investors were robbed of their money.