Meyer Wilson Investigates Claims Against Brokerage Firms Who Sold Customers NGL Energy Partners.
NGL Energy Partners (NYSE: NGL) is a Master Limited Partnership (MLP) that purports to provide services to oil producers such as the transportation, storage, and blending of refined and crude oil. NGL has recently made news for suffering immense losses over the last 12 months. Since last July, it has lost of 90% of its value. Investors who were sold NGL, often as a safe way to earn income, are reeling from the drastic losses.
The investment fraud attorneys at Meyer Wilson have seen this situation before and are interested in speaking with NGL investors who bought it at the recommendation of their financial advisors. MLPs like NGL are extremely complicated and risky investments. They are rarely, if ever, suitable for the average retail investor. Brokerage firms who sell MLPs have an ironclad obligation to perform adequate due diligence on investments before they are approved for sale to customers and to evaluate whether the investments are suitable for a particular investor based on what the firm knows, or ought to know, about the customer.
In the case of NGL, brokerage firms may not have carried out the appropriate level of due diligence before selling it to investors. MLPs such as NGL are also often overconcentrated in a portfolio, sold by unscrupulous brokers as a way for retirees to earn high levels of income. In such a situation, an investor’s portfolio is guaranteed to fail in the event of an energy market downturn.
If your broker recommended that you invest in NGL Energy Partners, call us at (614) 532-4576 to discuss your legal options with a member of our firm over the phone, or fill out our online form today to schedule a free case evaluation.