Attorneys for the claimants in the case filed notice of a settlement on Friday, less than a month after a judge hearing Stifel’s challenge confirmed the award and denied Stifel’s motion to vacate it.

A Stifel spokesperson declined to comment, and the claimants’ attorney did not respond to a request for comment.

Attorneys for claimants Adam Jannetti, David Jannetti, Leah Jannetti and Sarah Lynn Jannetti informed the U.S. District Court for the Southern District of Florida that a settlement has been reached in principle and asked the court to pause its consideration of the claimants’ pending motion to enter judgment in the case, so the parties can finalize the settlement’s terms. The notice does not provide details of the proposed settlement.

The Jannettis in their original claim alleged that Stifel failed to adequately supervise Roberts and did not intervene when he overconcentrated their portfolio in structured notes. The firm “intentionally suppressed a letter that would have advised [them] that their account was dangerously overconcentrated in structured notes,” they claimed in a court filing.

In March of last year, a Financial Industry Regulatory Authority arbitration panel awarded the Jannettis nearly $133 million, including more than $78 million in punitive damages. Roberts was not a defendant in the claim.

Stifel swiftly moved to overturn the “shocking, runaway award,” claiming that the arbitration panel was “infected with fundamental prejudice” by a panelist who had previously ruled against the firm in a similar case.

The judicial winds initially seemed to be blowing in Stifel’s favor when a Finra case administrator, in January, struck two arbitrators from the available roster for another case involving Roberts’ sales of structured notes, saying that since the arbitrators had ruled against Stifel in prior cases involving roughly the same allegations, “it is reasonable to infer that [they] are biased or lack impartiality in the current case.”

Stifel seized on that as fodder for setting aside the Jannetti award, but it was not to be. In February, a magistrate judge reviewing Stifel’s appeal recommended denial of the appeal and confirmation of the award, leading to last month’s ruling denying the appeal.

The Jannettis’ attorneys then filed a motion seeking entry of judgment for the full amount awarded by the Finra panel but pivoted Friday.

Securities industry attorney David Harrison, whose firm was not involved in the case, said both sides had potential motivation to sew up the matter. He noted that Stifel could have elevated the issue to the Court of Appeals, with the Jannettis at risk of having the entire award thrown out, while Stifel was facing mounting interest payments on the original award.

Harrison, of Studio City, California–based Bakhtiari & Harrison, also suggested that Stifel may have unrelated pending or potential regulatory matters that might have been better served by having this case put to rest.

“There’s an optics issue: Remember, there could be other regulatory issues unrelated to this case, but it relates to Stifel and supervision,” Harrison told FA-IQ. “Is this firm looking, in Finra’s eyes, to benefit the customer, the investor? How does Finra perceive Stifel vis-à-vis customers?”

Including the full amount of the Jannetti award, Stifel is currently on the hook for more than $198 million in settlements and arbitration awards related to Roberts’ sale of structured notes. And the tab will likely grow by a considerable amount, as Roberts has two dozen pending customer complaints on his record. All but two are related to structured notes, according to BrokerCheck.

Roberts remains unregistered since his departure from Stifel. His 35-year brokerage career began at Lehman Brothers in 1990 and included stints at PaineWebber, M.J. Whitman, CIBC World Markets, Oppenheimer & Co., Citigroup Global Markets and Morgan Stanley.

Meanwhile, multiple online real estate listings show that Roberts’ home in Miami’s exclusive Bay Point neighborhood has been listed for sale since early January and that the listing price was slashed by $2 million to $19.9 million earlier this month.

BrokerCheck records show that Roberts also owned a rental property in New York’s Hamptons region. Online real estate listings show that the home sold earlier this year for more than $7.2 million.