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Last month, a Financial Industry Regulatory Authority (FINRA) arbitration panel awarded $9.8 million to Catalyst Health Solutions in its auction-rate securities case against Credit Suisse Securities, meaning that more institutional investors are coming out on top in their cases involving auction-rate securities. Catalyst Heath Solutions, which manages prescription drug benefits, is just one of many […]
A broker whose employment record is littered with customer complaints over variable annuities is now the focus of investor lawsuits over highly illiquid and risky private-placement investments. The broker, Bambi Holzer, has 42 settled customer disputes, according to information posted by the Financial Industry Regulatory Authority Inc. Four other disputes against her are currently pending, […]
In Friday’s quarterly filing with regulators, the New York-based megabank says for the first time that it has received subprime-related subpoenas from the SEC. Citi’s filing said (on page 176) that it “continues to cooperate fully in response to subpoenas and requests for information from the Securities and Exchange Commission and other government agencies in […]
Credit Suisse Group AG, the biggest bank in Switzerland by market value, was ordered by a U.S. judge to pay STMicroelectronics NV the remainder of a $431 million award over unauthorized investments in auction-rate securities. The arbitration award, ordered in 2009 by the Financial Industry Regulatory Authority, was affirmed on March 19 by U.S. District […]
There is speculation this week that Senator Christopher Dodd (D-CT), will introduce new financial reform legislation that fails to create single fiduciary duty for Registered Independent Advisors (RIAs) and Broker-Dealers. This represents an expected 180˚on the subject of fiduciary duty reform in light of intense lobbying efforts by the financial industry. The provision, rather than […]