Sanford C. Bernstein & Co., Inc., n/k/a Sanford C. Bernstein Investment Research and Management, a unit of Alliance Bernstein, L.P. and Alliance Capital Management, L.P.

FINRA Arbitration Attorney, Russell L. Forkey, Esq.

Recently, a South Florida couple filed a FINRA arbitration claim against Sanford C. Bernstein & Company, Inc. n/k/a Sanford C. Bernstein & Company, LLC, Bernstein Investment Research and Management, a unit of Alliance Bernstein, LP and Alliance Capital Management, L.P.

In this action, it was alleged that the Claimants had had a fairly long business relationship with the Respondents, to whom they had  granted discretion to manage their assets.

According to the statement of claim, the respondents failed to properly manage the claimants' accounts' assets during the financial collapse that began in 2007, accelerated in the calendar year 2008 and continued thereafter.  Instead of taking any type of remedial action to protect their client's assets, the respondents remained committed to what became and continued to be an unsuitable investment strategy that caused to suffer.  For example, in a two month period in 2008, in two consecutive months, the claimants' accounts declined over $500,000 per month, with no action taken by the respondents.

Some of the investment at issue were the Bernstein Diversified Municipal Portfolio, the Bernstein Tax-Managed International Portfolio, the Bernstein Emerging Markets Portfolio, U.S. Equity - U.S. Strategic Value, and U.S. Strategic Growth.