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Losses in Cushing Mutual Funds?

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07
Aug

Losses in Cushing Mutual Funds?

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Losses in Cushing Mutual Funds?

Have you lost money investing in mutual funds issued by Cushing Funds or MainStay Cushing Funds?  The Cushing Funds have invested heavily in oil and gas exploration and production throughout the U.S. and Canada.  However, with the recent downturn in the price of oil, many of the Cushing Funds have lost significant value.  Some of these funds include:

  1. Cushing Royalty & Income Fund (symbol SRF), which has lost about 80% in the last year (August 1, 2014 to August 3, 2015);
  2. MainStay Cushing Royalty Energy Fund (symbol CURAX), which has lost about 64% in the last year;
  3. Cushing MLP Total Return Fund (symbol SRV), which has lost about 60% in the last year;
  4. Cushing Renaissance Fund (symbol SZC), which is down about 35% in the last year;
  5. MainStay Cushing Renaissance Advantage Fund (symbol CRZAX), which is down about 25% in the last year; and
  6. MainStay Cushing MLP Premier Fund (symbol CSHAX), which is down about 23% in the last year.

Several brokerage firms served as underwriters for these mutual funds, including Stifel Nicolaus & Company, Oppenheimer, Robert W. Baird & Company, RBC Capital Markets, and BB&T Capital Markets.

These funds carried significant risk and may not be suitable for all investors.  Under FINRA rules, when a financial advisor recommends an investment to his or her client, he or she has to ensure that the investment is suitable for that client given their risk tolerance, investment objectives, age, financial resources (like net worth and income), and so on.  Moreover, advisors may be responsible for investment losses if they misrepresented the risks of an investment to a client.

If your financial advisor or securities broker made an unsuitable recommendation for you to invest in the Cushing Funds or MainStay Cushing Funds, they may be liable for your losses.

Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area.  We represent investors in FINRA arbitration proceedings in all 50 states. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond Charlotte, ProEquities, Securities America, National Securities Corp., and many others.

 

If you lost money in the Cushing Royalty & Income Fund, the MainStay Cushing Royalty Energy Fund, the Cushing MLP Total Return Fund, the Cushing Renaissance Fund, the MainStay Cushing Renaissance Advantage Fund, or the MainStay Cushing MLP Premier Fund, and want to hear about how you may be able to recover these losses, please Contact Us at 720-599-3505 for a free evaluation of your case.

Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.
10.0David P Neuman

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