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Los Angeles Times
Investors who are thinking about suing their brokers over losses suffered during the recent bear market might take heart from the case of John and Patricia Murray. The Los Angeles retirees, who filed an arbitration claim in 2002 against Prudential Securities alleging they’d gotten bad investment advice two years earlier, recently won their case, receiving […]
Los Angeles Times
A retired couple, who charged that their broker made inappropriate investments with their money, has won a $239,670 arbitration judgment against Prudential Securities Inc. The award, handed down by a National Assn. of Securities Dealers arbitration panel in Los Angeles and made public Thursday, allowed John and Patricia Murray of Los Angeles to recover all […]
Los Angeles Times
The probe of mutual fund trading practices unveiled last week by New York Atty. Gen. Eliot Spitzer has rocked the money management industry and left many on Wall Street wondering just what the scandal would mean for the stock market’s fledgling recovery. Although sales could well suffer at the firms directly caught up in Spitzer’s […]
Wall Street Journal
Stung by massive stock-market losses and emboldened by the intense regulatory attack on Wall Street, investors are expected to file a record number of arbitration claims against brokers this year. The average payouts going to miffed investors are getting higher, too. Stockholders typically win only slightly more than half of the cases that go to […]
Reuters
Merrill Lynch & Co. (NYSE:MER – News), the biggest U.S. brokerage, will pay $331,000 to a former client in Los Angeles to settle claims that a broker mishandled his investments, according to a NASD arbitration document. Gene Hines, a writer-producer, filed a claim against Merrill on Nov. 26, 2001, which accused the firm of breach […]