Dow Jones Newswires
By Jaime Levy Pessin A Dow Jones Newswires Column NEW YORK (Dow Jones)–Arbitration was supposed to be a quick and easy way for investors to settle disputes with brokerage firms. Nowadays, that’s not always the case. In one pending arbitration case, the defense attorneys filed a motion that included 85 pages of panel decisions to […]
ADR World
The National Association of Securities Dealers has decided to back away from an approach to motions to dismiss for extraordinary circumstances in arbitration after meeting with opposition from stakeholders who criticized its explanation of what those circumstances would be. NASD said in a July 21 filing with the Securities and Exchange Commission that its commentary […]
Orange County Register
Wedbush Morgan found liable in suit filed by 22 clients who said they were sold riskier securities than represented. By MARY ANN MILBOURN THE ORANGE COUNTY REGISTER Wedbush Morgan Securities Inc. in Newport Beach must pay $3.8 million in damages and legal fees in the first of several cases involving its sale of a form […]
PR Newswire
NASD ARBITRATION PANEL FINDS WEDBUSH MORGAN SECURITIES, INC. LIABLE TO INVESTORS FOR $3.8 MILLION IN DAMAGES BEVERLY HILLS, CALIFORNIA, May 31,2006 /PRNewswire/ – The following was released today: An NASD arbitration panel found Wedbush Morgan Securities, Inc. liable for $3.8 million in connection with the sale of collateralized mortgage obligations (“CMO’s”) to 22 clients of […]
Dow Jones Compliance Watch
NEW YORK (Dow Jones)–You can’t please all the people all the time, but in the financial advisory world, not pleasing the clients a lot of the time can trigger “heightened supervision.” Regulators expect firms to conduct their own heightened supervision but will sanction them if they don’t. And while these regulators leave the criteria for […]