ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Tuesday, September 10, 1996 TAG: 9609100068
SECTION: BUSINESS PAGE: B-6 EDITION: METRO
DATELINE: NEW YORK
Lawyers on Monday sued Dean Witter Reynolds Inc. for $300 million, accusing the Wall Street firm of duping tens of thousands of investors into placing risky bets on commodities and currency futures.
The investors claim they lost millions of dollars in the early 1990s by buying $1.2 billion in Dean Witter limited partnerships that invested in these volatile financial securities.
Timothy Lee, a Dean Witter spokesman, said the firm does not comment on lawsuits.
The lawsuit, filed in Los Angeles, is the latest twist in the legal fight arising from the sale of billions of dollars in limited partnerships from several well-known brokerages in the 1980s and early 1990s.
The Dean Witter lawsuit, which seeks class-action status, is the first major suit to allege wrongdoing involving commodities and currency futures. The suit also targets other defendants, including managers who helped shape the language of the sales material.
- Associated Press
LENGTH: Short : 30 linesby CNB