Most client-advisor relationships at the big brokers/wirehouses are by no means fiduciary in nature (this is a common misperception). They only want you to believe they always put your interests first.

I would seriously doubt DB has any fiduciary/legal obligation to guarantee the PTSC ARS principal, absent a very specific and out-of-the ordinary client/advisor contract (not likely here, imho). In fact, I believe some of the brokerage cos. are under investigation by the NY Atty. Gen for (among other things) essentially walking away from the ARS marketplace, which they created. Not how they would act if they were on the hook for their customers' principal, lol.

Nevertheless, if/when the market recovers or the brokers are forced to play nice again, PTSC should get the rest of its $$$ back. IMHO, PTSC has bigger issues to resolve than the ARS matter.