Results for "arbitration"

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Former Merrill Lynch execs' lawyer feels good about chances in $1 billion arbitration

April 5, 2018

A lawyer for dozens of former Merrill Lynch managers said they have a good chance of prevailing against the wirehouse now that their complaints will be heard in arbitration. The cases involve more than 60 former Merrill executives who claim...

Finra bars former Morgan Stanley broker who sought client loan for outside activities

March 29, 2018

Finra barred from the industry a former Morgan Stanley broker who allegedly violated rules governing work brokers do outside their firms. In a March 28 agreement, David Warren Olson accepted the ban from the Financial Regulatory Authority Inc.,...

Finra panel awards firm $780,424 against broker to repay legal costs

March 27, 2018

It's not just investors who can get stiffed by brokers who lose arbitration cases. It's possible their firms could get the short end of the stick, too. A Finra arbitration panel awarded $780,424 in compensatory damages to Alliance Affiliated...

Finra arbitrators award $475,000 to Morgan Stanley for broker who violated protocol

March 28, 2018

Finra arbitrators awarded $475,000 to Morgan Stanley in a case involving a broker who the firm said violated an industry agreement to make it easier to move from one firm to another. In an award handed down on Tuesday, the panel held that Kevin...

There's a major flaw in Finra's arbitration system

March 17, 2018

It is clear to anyone paying attention that there is something wrong with the Financial Industry Regulatory Authority Inc.'s arbitration system. While the process of deciding guilt or innocence seems to be working, there doesn't seem to be any...

Finra unpaid arbitration increased in 2017, PIABA report finds

March 7, 2018

Lawyers representing customers in Finra arbitration released a report Wednesday asserting the number of awards that went unpaid rose in 2017, and called on the broker regulator to establish a fund to compensate investors. The study by the Public...

Finra panel awards $404,482 to client after broker overdoes put options

March 7, 2018

A Finra arbitration panel awarded $404,482 to a client after a broker allegedly filled his portfolio with complicated products that were too risky for him. Mark Watson alleged that Allegis Investment Advisors, Allegis Investment Services and...

Merrill Lynch tries to avoid arbitration in dozens of cases with former executives

March 5, 2018

Usually brokerages want disputes with customers and their employees heard in arbitration. But Merrill Lynch is trying to push dozens of pending arbitration cases into court, causing plaintiffs to cry foul. The cases involve about 60 former Merrill...

Finra: More than a quarter of arbitration awards go unpaid

February 8, 2018

More than a quarter of arbitration awards have gone unpaid in most of the last several years, according to Finra data released Thursday. In a 24-page report and supplemental information, the Financial Industry Regulatory Authority Inc., the...

Finra panel awards investor $1.67 million in churning case

January 8, 2018

An all-public Finra arbitration panel has awarded a San Diego, Calif., investor the entire amount of her claim — $1.67 million in compensatory and punitive damages — against broker David Lloyd Barber and his firm, Madison Avenue Securities....

Sen. Warren introduces bill targeting unpaid Finra arbitration awards

March 6, 2018

[Correction: Finra chief executive Robert W. Cook testified before a House Financial Services subcommittee in September 2017, not before the Senate Banking Committee meeting of last year referenced in this story. He was not present at that meeting.]...

Report: Arbitrations handled by non-lawyers can harm investors

December 18, 2017

A report by the Public Investors Arbitration Bar Association charges that investors using a non-attorney representative in a mandatory arbitration may suffer "sometimes severe consequences." PIABA, whose member attorneys represent investors...

Finra would have special arbitrators make expungement decisions

December 8, 2017

Arbitrators specifically qualified to determine whether brokers should have customer disputes removed from their online profiles would decide such cases under a Finra proposal. The Financial Industry Regulatory Authority Inc. would establish...

Finra's fine money whets appetites of investor advocates, experts, industry representatives

October 23, 2017

The $176.3 million in total fines Finra levied last year has mouths watering like a succulent burger coming off the grill. Investor advocates, members of Congress, scholars and industry representatives all want to take a bite. In the last couple...

Former LPL broker loses $30 million claim against old firm

November 2, 2017

A one-time star broker with LPL Financial lost a securities arbitration decision last month in which he sought $30 million in damages claiming that the company ruined his career. The three-person Financial Industry Regulatory Authority Inc....

LPL loses $462,000 arbitration claim stemming from broker who ran Ponzi scheme

December 20, 2017

LPL Financial lost a $462,000 arbitration claim on Tuesday involving a former broker who is in jail for running a Ponzi scheme. A three-person Finra Dispute Resolution panel ruled that LPL was liable to pay three sets of clients $332,000 in...

Dawn Bennett loses $1 million arbitration claim

March 22, 2017

Dawn Bennett, a former star adviser who was thrown out of the securities industry, has lost a $1 million Finra arbitration claim for making unsuitable investment recommendations for one of her clients. The plaintiff, Steven Santagati, is to...

Client wins $357K clawback in arbitration from Wells Fargo over unsuitable investments

March 13, 2017

An investor won a $357,000 arbitration award against Wells Fargo Advisors for unsuitable energy and housing investments. The case summary in the March 9 award cited "investments in unspecified energy and housing products, and use of a margin...

Finra's arbitration process: Challenging the system to find the right answers

September 6, 2016

“That's the way we've always done it.” In business, this simple but dismissive mindset — if it becomes ingrained throughout an organization — can keep a company mired in the past, resistant to change and unresponsive to its customers'...

Client wins $433,000 through Finra arbitration claim, but will likely see no payment

August 21, 2017

A client of a small broker-dealer that sold her high risk private placements and nontraded real estate investment trusts won a $433,000 arbitration claim last week but, because the broker-dealer is defunct, she will likely see no payment from...

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