SAN DIEGO (Legal Newsline) — A California man has filed a class action lawsuit against Merrill Lynch, alleging fraud and negligence.
James Jiao of San Diego County filed a complaint, individually and on behalf of all others similarly situated, Feb. 28 in U.S. District Court for the Southern District of California against Merrill Lynch Pierce, Fenner & Smith, Inc., Merrill Lynch Professional Clearing Corp. William Tirrell, and Does 1 through 10, alleging they made false and misleading representations to the plaintiff.
According to the complaint, Jiao was damaged financially from having his funds placed at risk because the defendants failed to disclose to him their practice of performing leveraged conversion trades.
Jiao seeks trial by jury, compensatory damages, interest, attorney fees, punitive damages, interest, and all just and proper relief. He is represented by attorney Abbas Kazerounian of Kazerouni Law Group, APC in Costa Mesa, California, and by Joshua Swigart of Hyde & Swigart in San Diego.
U.S. District Court for the Southern District of California case number 3:17-cv-00409-L-MDD