Penson wins $1 million from brokerage

Penson Financial Services Inc., a clearing and custody firm with international reach, earlier this month won an arbitration claim worth nearly $1.05 million from an Egyptian brokerage firm that allegedly refused to pay the debit balance in its account. Penson alleged breach of contract against MISR Securities International of Egypt. That firm plans to appeal the arbitrators’ decision, according to the firm’s attorney in the United States. MISR will appeal “based on wrongful action by the arbitrators,” said Debra Speyer, an attorney based in Philadelphia. The three person arbitration panel awarded Penson $836,000 and $210,000 in attorney’s fees. Dan Son, president and director of Penson Worldwide Inc. of Dallas, declined to comment because of the potential for further legal action in the matter. The claim centered on investments in U.S. dollar denominated securities on the London Stock Exchange, according to the award, which was made by a three-person Financial Industry Regulatory Authority panel.