Complain about a product or service

Solomon Smith Barney Put Its Interests Ahead of Investors'

July 21, 2004
Solomon Smith Barney ("SSB"), through its nationwide network of financial advisors, purportedly provides objective financial advisory services and investment advice to its clients based on their individual needs.

In fact, SSB improperly steered its clients into mutual funds managed by Solomon Smith Barney investment advisors. These in-house funds were consistently inferior to comparable funds, and SSB failed to direct its clients to better alternatives.

SSB's clients were harmed because they paid significant fees to SSB for purportedly objective and individualized advice, when in fact, SSB encouraged its advisors to push clients into purchasing poorly-performing Solomon Smith Barney "Proprietary Funds" solely to obtain undisclosed excessive fees.

Fees from clients and commission sums were then used as incentive payments for SSB investment advisors to push even more investors into buying these funds. As a result, SSB violated federal securities laws, breached its clients' trust and prevented its clients from making fully-informed investment decisions.

You may have been harmed if you are or were a client of Solomon Smith Barney, Inc. who purchased mutual funds in the Solomon Smith Barney family of funds between March 22, 1999 and March 22, 2004. If so, you should file a consumer complaint so that your situation can be evaluated.

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