Results for "arbitration"

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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...

Ex-NFL star scores $950K arbitration against Morgan Keegan

April 13, 2009

Morgan Keegan has been stung in another arbitration case involving its bond funds, this time losing a $950,000 claim to an ex-NFL Pro Bowl star with the Kansas City Chiefs. Jerome Woods, who played defensive back with the Chiefs from 1996 to...

Arbitrations cost Morgan Keegan big

April 12, 2009

Investors who are battling Morgan Keegan over the blowup of its bond funds are on a hot streak, with a former Major League Baseball all-star among the recent arbitration winners. Investors have scored five consecutive wins against Morgan Keegan...

Finra arbitration awards may mean gains for investors

April 5, 2009

Finra securities arbitration panels have handed investors two huge wins in recent months, but lawyers and industry observers are divided about whether such noticeable awards signal favorably for investors. Regardless, the awards — from the...

Merrill socked with $39.8M arbitration ruling

March 30, 2009

In one of the single largest securities arbitration awards ever, Merrill Lynch & Co. Inc. has been ordered pay $39.8 million to a group affiliated with the Freemasons. The arbitration award, handed down by a three-member panel of the New York-...

As market falls, arbitration claims rise

February 20, 2009

Broker-dealers and registered representatives are being hit by the legal fallout of the historic market collapse as investors file a growing number of arbitration complaints against firms and their brokers. Last year, the number of new arbitration...

Credit Suisse owes $400 million in CDO case

February 13, 2009

Credit Suisse Securities LLC of New York has been ordered by an arbitration panel to cash out an institutional client that held $400 million in collateralized debt obligations. The Feb. 11 decision by an arbitration panel of the Financial Industry...

SEC to distribute $2.3M in AIG Advisor settlement

February 12, 2009

The AIG Advisor Group has reached the end of a long running dispute with the SEC over a manager who oversaw brokers selling Class B shares of mutual funds instead of selling A shares, which would have entitled buyers to certain discounts. The...

ARS arbitration tough on small firms

January 18, 2009

Arbitrations that involve auction rate securities are about to be tested in new hearing procedures established by the Financial Industry Regulatory Authority Inc. And small dealers — particularly "downstream firms" that didn't underwrite auction...

Busted brokers continue bilking clients at new firms

December 7, 2008

Despite intense pressure from regulators to tighten recruiting standards for brokers with marks on their records, these bad apples are still being hired by new firms, recent cases illustrate. The problem is compounded by an industry practice...

Dismissing arbitration cases could become harder

November 2, 2008

The Securities and Exchange Commission is expected to approve a controversial rule that would make dismissing arbitration cases more difficult. The rule, proposed last March by the Financial Industry Regulatory Authority Inc. of New York and...

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