Results for "arbitration"

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Couple in Morgan Stanley advisory account wins $519,000 arb case over unsuitable investments

May 20, 2019

Finra arbitrators awarded $519,089 to a couple who claimed a Morgan Stanley broker recommended inappropriate complex investments. The three-person, all-public Financial Industry Regulatory Authority Inc. panel found in favor of Stephen R. Balok...

Finra rogue broker rule would affect 61 firms

May 15, 2019

As part of its crackdown on rogue brokers, the Financial Industry Regulatory Authority Inc. has identified 61 firms that would face restrictions under a newly proposed Finra rule. Finra currently has a little more than 3,700 broker-dealers under...

Finra proposal to restrict recidivist behavior a good start — but more needs to be done

May 14, 2019

Recently, the Financial Industry Regulatory Authority Inc. published a proposal to impose restrictions on firms with a significant history of misconduct. Finra wants to label firms with high numbers of disclosures and with a history of employing...

Finra plan to address unpaid arbitration award problem deserves fair hearing

May 11, 2019

The Finanical Industry Regulatory Authority Inc. finally may have come up with a fair way to ensure that investors who win arbitration awards actually receive them. Under a new rule proposal, Finra would require firms with a track record of...

Finra arbitrators award Stanford victims $1.4 million, rule against Pershing

May 9, 2019

Finra arbitrators ruled that Pershing must pay $1.4 million to several victims of R. Allen Stanford's Ponzi scheme. The three-person, all-public Financial Industry Regulatory Authority Inc. panel found in favor of six claimants who alleged Pershing...

Morgan Stanley advisers win huge $6.4 million deferred comp claim against Credit Suisse

May 8, 2019

Two star brokers at Morgan Stanley won a stunning $6.4 million arbitration award against their old firm, Credit Suisse Securities, claiming they did not receive deferred compensation they were entitled to after the firm closed down its U.S....

Retirement investors win $1.8 million arbitration against Raymond James for penny-stock sales

May 7, 2019

Retirement investors won a $1.8 million Finra arbitration award against Raymond James in a case involving penny stock investments in energy companies. A three-person, all-public Financial Industry Regulatory Authority Inc. arbitration panel...

Elderly investors win $3.2 million Finra arbitration award against AXA Advisors

May 1, 2019

An elderly couple in upstate New York won a $3.2 million Finra arbitration award against AXA Advisors in a case involving unsuitable variable annuity and life insurance sales. James and Sandra Fitzpatrick alleged that their then-AXA representative,...

Finra panel awards $454,813 to lawyer who says Morgan Stanley mismanaged retirement fund

April 30, 2019

A Finra arbitration panel awarded $454,813 to a lawyer in a case against Morgan Stanley over how the brokerage managed his retirement fund. The Carpenter Law Firm defined-benefit plan alleged that Morgan Stanley failed to devise an appropriate...

Finra panel awards $815,000 to National Asset Management client over fiduciary breach

April 22, 2019

A Finra arbitration panel has ordered National Asset Management to pay more than $815,000 in compensatory damages in a case going back to 2015 involving charges of unsuitable trading practices. While claimants in the case, two trusts of William...

Commonwealth case against Ohio National should be arbitrated, court rules

April 8, 2019

A dispute between Commonwealth Financial Network and Ohio National Life Insurance Co. over the insurer's decision to end trail commissions on variable annuities will be decided in Finra arbitration. The venue was settled in a decision by a Massachusetts...

Finra panel dismisses $100 million case involving drop in Merrill Lynch stock

March 18, 2019

A Finra arbitration panel has dismissed a $100 million claim by the estate of a former Merrill Lynch broker in a case involving losses tied to the sales of mortgage-based securities during the financial crisis. Three Financial Industry Regulatory...

Bills would end mandatory arbitration in adviser, broker contracts

March 4, 2019

New legislation that would prohibit mandatory arbitration for customer disputes involving investments could raise the profile of the issue with the public and decision makers. Sen. Sherrod Brown, D-Ohio, ranking member of the Senate Banking...

Finra arbitration panel awards investor $276,000 in Woodbridge Ponzi scheme case

January 28, 2019

A Financial Industry Regulatory Authority Inc. arbitration panel has awarded $276,226 to an investor who lost money buying securities in what turned out to be a Ponzi scheme. Independent broker-dealer Quest Capital Strategies Inc. must pay the...

Mandatory arbitration isn't just for brokers — some investment advisers rely on it

January 15, 2019

Requiring clients to use arbitration to settle disputes is most often associated with brokers, who put mandatory arbitration clauses in customer contracts. But registered investment advisers rely on similar language in their customer agreements....

Finra arbitration panel awards $2 million to former Edward Jones rep in discrimination claim

January 14, 2019

A former Edward Jones broker won $2 million in a discrimination claim against the firm in Finra arbitration. Financial Industry Regulatory Authority Inc. arbitrators decided Edward Jones was liable for back pay and front pay damages to Rodney...

Better screening by Finra could curb expungements

January 12, 2019

No one wants a black mark on their record, especially if you're a broker trying to attract clients and those clients know how to use Finra's BrokerCheck system to research your background. That reality, especially over the past decade as the...

Retired NFL player, lottery winner win $4.2 million arbitration award from Morgan Stanley

December 28, 2018

A Finra arbitration panel has awarded a Mega Millions lottery winner and a retired NFL player a total of $4.2 million to satisfy claims against Morgan Stanley that it failed to supervise one of its brokers who invested their money in a Miami...

Finra makes it harder for brokers to expunge tainted records

December 24, 2018

The Financial Industry Regulatory Authority Inc. has taken another step toward making it more difficult for brokers to have customer complaints expunged from their public records. The Finra Board of Governors announced Dec. 21 the approval of...

Interest groups spar over best way to cover unpaid arbitration awards

December 13, 2018

Who should be on the hook when brokers fail to pay arbitration awards? Interested parties speaking before the SEC Investor Advisory Committee on Thursday disagreed on the answer. The head of a securities lawyers group told the panel that too...

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