Results for "arbitration"

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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...

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...

Schwab faces millions in claims over YieldPlus

October 19, 2008

The Charles Schwab Corp. could be liable for millions in investors' claims over losses to a short-term-bond fund that blew up this year because of its exposure to mortgage-backed securities. At its peak in May 2007, the Schwab YieldPlus Fund...

Claiming bias, subprime exec appeals arbitration

September 15, 2008

The chief executive of a subprime lender who lost a $65 million lawsuit against Merrill Lynch & Co. Inc. is demanding another bite at the apple. Steven Holder, the chief executive of ECC Capital Corp. of Irvine, Calif., sued New York-based Merrill...

ARS settlements spawn special dispute process

August 18, 2008

Auction rate securities cases have spawned a new arbitration procedure that relies on a single public arbitrator to hear cases brought by investors who allege "consequential damage" claims from ARS. Those are damages caused by not having access...

Banc of America ordered to cough up $1.63M to brokers

August 18, 2008

After losing costly battles with three former brokers last month, Banc of America Investment Services Inc. is now on the hook for $1.63 million. Late last month, two brokers won an arbitration claim after alleging that the broker-dealer sullied...

Advisers cheer Finra pilot on arbitration panels

August 4, 2008

Many advisers who have been involved in arbitration cases are welcoming a move to give investors the option of having all-public arbitration panels. But plaintiff's attorneys fear that the pilot program, announced July 24 by the Financial Industry...

Wachovia hits Edwards reps with raiding suits

July 21, 2008

Wachovia Securities LLC of St. Louis continues to file lawsuits against groups of legacy A.G. Edwards brokers who have left the firm. In several cases, the firm claims in court filings that the representatives are subject to non-solicitation...

Former UBS employee testifies against firm

June 20, 2008

A former UBS AG banker testified against his old company yesterday, claiming that the financial services giant’s private-banking unit participated in schemes to help wealthy U.S clients hide $20 billion in assets and avoid income tax laws,...

Fate of book rests on coin toss

May 19, 2008

When they started their partnership in 1990 at Morgan Stanley, brokers Gerald P. Kessler and Paul S. Baker probably never imagined that the dissolution of their book of business — $470 million in assets, producing an estimated $3 million a...

Fund exec wins $12 million in arbitration

May 1, 2008

A former regional sales director at AllianceBernstein's mutual fund unit won a $12 million arbitration award last month. John Carl, who was director of mutual fund sales for the Northeast division of AllianceBernstein Investments Inc., won $10...

Auction rate securities class actions are filed

April 21, 2008

A spate of class actions involving auction rate securities may be behind an expected rise in securities class actions this year. The suits, most of which were filed over the past month by New York plaintiff's law firm SeegerWeiss LLP in the...

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