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Wall Street Journal
On Wall Street, hawking hedge funds has become hugely profitable. But a recent arbitration award against Canadian Imperial Bank of Commerce shows the downside for brokerage firms that market these lightly regulated investment vehicles. A three-person arbitration panel this month ordered the bank’s brokerage arm, CIBC World Markets, to pay almost $3.6 million to 11 […]
PR Newswire
An NASD arbitration panel found American Express Financial Advisors, a division of American Express (NYSE: AXP), liable for $649,612 for failure to properly supervise Los Angeles area broker Edward Torres. On Friday, February 18, 2005, the NASD panel awarded $490,612 in compensatory damages and $159,000 in punitive damages to retired El Paso, Texas residents Pat […]
Dow Jones Newswires
When attorney Brian McDonough won more than half a million dollars for an investor in arbitration against brokerage firm Sands Brothers & Co. a year ago, his opponent told him there was a chance that his client might not see the bulk of that money. “They told me if we didn’t accept a deeply discounted […]
Reuters
NEW YORK, Nov 18 (Reuters) – An NASD arbitration panel ordered Morgan Stanley (MWD.N: Quote, Profile, Research) to pay a brokerage client $452,034 for making unauthorized margin trades that nearly wiped out the client’s account, lawyers for the plaintiff said on Thursday. Joacy Silva, a 52-year-old resident of Van Nuys, California, won the award on […]
Dow Jones Newswires
A National Association of Securities Dealers (NASD) arbitration panel ordered Morgan Stanley (MWD) to pay investor Joacy Silva $452,034 for alleged breach of fiduciary duty and allegedly failing to supervise one of its employees. In a press release Thursday, a law firm representing Silva said the self-regulating brokers’ guild charged Morgan Stanley for the amount […]