Results for "arbitration"

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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...

Brokers who filed complaint face uphill fight

April 14, 2008

The five registered representatives who filed a $36 million arbitration claim against National Financial Services LLC, a giant in the clearing industry and business unit of Fidelity Investments, face a daunting task to win their claim, according...

GunnAllen and former executive claim victory in arbitration ruling

April 14, 2008

Both GunnAllen Financial Inc. and a former top executive are claiming victory after a lengthy arbitration battle that focused on whether the independent broker- dealer had the right to fire David McCoy, its former chief operating officer and...

Mutual Service faces arbitration claim

March 24, 2008

Mutual Service Corp. faces at least one arbitration claim for allegedly failing to supervise a mortgage broker whose practice collapsed last September under the weight of a nearly $30 million fraud. Wesley Snyder, who was also a registered representative,...

Headache for Ameriprise

March 24, 2008

For nearly a decade, Jon E. Drucker has been a thorn in the side of Ameriprise Financial Inc. The 53-year-old lawyer, who works out of a garage, converted into an office, at his home in Los Angeles, has made a decent living representing advisers...

Ohio regulators ramp up inspection of brokers

February 18, 2008

Brent Nelson's nightmare experience with state securities regulators began last May when, out of the blue, he received a letter from Ohio's Division of Securities telling him his license had been suspended. The letter also said the regulators...

Cantor pays for personnel raid

February 15, 2008

Raymond James & Associates Inc. at the end of last month won an arbitration claim of $1.75 million against Cantor Fitzgerald & Co., with Raymond James alleging that Cantor Fitzgerald had unlawfully raided personnel and business from Raymond...

Next Financial, Raymond James reach settlements

February 11, 2008

A broker who was recently booted from the securities industry has cost Next Financial Group Inc. and Raymond James Financial Services Inc. dearly — with the two firms paying out almost $850,000 to settle cases involving clients who got burned....

Scammed plaintiffs look beyond B-Ds for restitution

January 28, 2008

Two of the biggest blowups in the retail-investing business are wending their way through legal channels, with plaintiff's attorneys looking far and wide to place blame in order to win money for clients. Last week, attorneys for clients of a...

Disclosure rules contain loophole

January 14, 2008

The Financial Industry Regulatory Association encourages investors to check on the professional backgrounds of brokers by using its BrokerCheck system. The database discloses a host of disciplinary information about registered reps, and "should...

UBS, 2 reps hit with rare award on punitive damages

December 10, 2007

A stunning $4.6 million award against UBS Financial Services Inc. and two of its brokers late last month revealed how irate the arbitrators were with UBS. The money will be awarded to a former UBS rep from Fort Worth, Texas, who claimed ex-colleagues...

Ex-UBS rep wins $4.6 million award

December 3, 2007

UBS Financial Services Inc. and two of its brokers have lost a particularly bitter arbitration claim worth a stunning $4.6 million. The money will be awarded to a former rep who claimed ex-colleagues spread lies about him, specifically that...

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