Results for "arbitration"

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ARS battle no easy win for large investors

November 15, 2009

Two recent legal victories by securities firms involving the sale of auction rate securities suggest that institutional investors could find it tough to prevail in similar battles. Last month, Smith Barney and Raymond James Financial Services...

Morgan Keegan scores an arbitration win over bond fund blowups

November 13, 2009

After a string of high-profile securities arbitration losses, Morgan Keegan & Co. Inc. emerged as a winner in an $8.2 million investor complaint that alleged unsuitability and breach of fiduciary duty related to firm's bond funds. Morgan Keegan,...

Senate moving to allow SEC to rule on mandatory arbitration

November 11, 2009

The Securities and Exchange Commission would be required to issue rules prohibiting or limiting mandatory arbitration clauses in securities contracts under draft legislation introduced this week by Senate Banking Committee Chairman Christopher...

Investors' pain has become attorneys' gain

November 8, 2009

The financial advisory industry and its clients still may be struggling with the aftermath of the market crash — but investor plaintiff's attorneys are doing just fine, thank you. “We're seeing a lot of product failure cases,” said Scott...

Allegiant ordered to pay $157K to former broker in case of forged Finra letter

November 6, 2009

An arbitration panel has awarded a former broker at Allegiant Securities LLC $100,000 in a case that arbitrators said involved a forged letter purporting to be from the Financial Industry Regulatory Authority Inc. Allegiant withheld commissions...

Merrill avoids arbitration in loan cases

October 18, 2009

Merrill Lynch & Co. Inc. is pursuing a legal strategy that could give it a leg up in collecting from brokers who owe the firm money on retention packages. The move affects many of the approximately 6,200 Merrill brokers who accepted packages...

Another flagrant foul

September 20, 2009

Morgan Keegan & Co. Inc. has lost another arbitration case stemming from losses suffered by a former professional athlete when its bond funds blew up: This time it is liable to a former NBA all-star for $1.45 million in damages. This month,...

Finra bars Ex-Morgan Stanley rep for allegedly bilking 97-year-old’s charity

September 15, 2009

A former Morgan Stanley broker was barred today by the Financial Industry Regulatory Authority Inc. for allegedly misappropriating $11,156.47 from the charitable foundation of a 97-year-old nursing home resident who was his client for more than...

Widow files arbitration claim against Deutsche Bank, claiming risky fund was sold to her as safe

September 15, 2009

A North Carolina woman today filed an arbitration claim with the Financial Industry Regulatory Authority Inc. against Deutsche Bank Securities Inc., claiming that the firm misrepresented a fund as a conservative investment for her marital trust,...

Widow files arbitration claim against Ameriprise over VA sale to elderly spouse

August 26, 2009

A widow yesterday filed an arbitration claim with the Financial Industry Regulatory Authority Inc. against Ameriprise Financial Services Inc., alleging that a broker there failed to properly advise her aged husband on a variable annuity purchase...

Push to abolish mandatory arbitration lacks muscle

July 19, 2009

The White House proposal to give the Securities and Exchange Commission the authority to ban mandatory-arbitration contracts falls short in looking out for investors' interests, according to attorneys who represent investors in securities disputes....

Morgan Stanley slapped wth $1M arbitration award in raiding case

July 8, 2009

Morgan Stanley last month suffered a $1 million loss in an arbitration case charging that the firm had “blindsided” a small regional broker-dealer, Strand Atkinson Williams & York Inc., “by a swift and crippling raid” of senior management...

PIABA asks SEC to make industry arbitrators optional

June 21, 2009

The Public Investors Arbitration Bar Association, a trade group for attorneys who represent investors in securities arbitrations, has formally asked the Securities and Exchange Commission to end the mandatory use of industry arbitrators. In...

After settlement, firm eyes widow of rogue adviser

June 21, 2009

A financial planning firm has settled all but one claim related to an embezzlement scheme conducted by a rogue adviser over an eight-year period ending in March 2008. Hantz Financial Services Inc. of Southfield, Mich., refused to release details...

Though barred, rogue brokers often find work

May 24, 2009

Keeping track of rogue brokers is a tricky business, particularly when they leave or are booted from the confines of the securities industry, but keep peddling financial products. Take, for example, Jeffrey Forrest, who no longer sells securities...

Finra pushes for public majority in arbitrations

May 17, 2009

In another sign that industry-affiliated arbitrators may be on their way out, the Financial Industry Regulatory Authority Inc. wants to stop using industry panelists in most cases involving a registered representative and a brokerage firm. In...

Lawsuits against Fisher Investments may lead to other adviser litigation

May 17, 2009

If legal action against Fisher Investments is any indication, financial advisers increasingly will face lawsuits and arbitration claims from clients who are angry about investment losses. This month, two sets of former clients of Fisher Investments,...

Ex-exec files $5M arbitration claim against Ladenburg Thalmann and Investacorp

May 14, 2009

A former employee of Ladenburg Thalmann Financial Services Inc. of Miami has filed $5 million arbitration claim against the firm and its subsidiary, Investacorp Inc., for alleged breach of contract. Scott Sherwood served as executive vice president...

Couple slaps a feisty Ken Fisher with $1.2M arbitration claim

May 12, 2009

Fisher Investments, one of the country’s most noted investment advisory firms, has been tagged with a $1.2 million arbitration claim, alleging that it failed to live up to its fiduciary duty during the recent calamitous market meltdown. Ken...

Dykstra down on strikes

May 3, 2009

Former New York Met and Philadelphia Phillies fan favorite Lenny Dykstra has failed to pay back money he borrowed from his brokerage firm, and his recent loss of a securities arbitration claim over the matter is one in a series of mounting legal...

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