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Los Angeles Daily Journal
San Francisco – In a significant blow to the state’s tough new ethical standards, U.S. District Judge Jeremy Fogel of San Jose ruled Tuesday that the new disclosure requirements for arbitrators cannot be applied to securities groups because the rules are pre-empted by federal statues. In a 28-page ruling, Fogel agreed with the claims made […]
Dow Jones Newswires
NEW YORK — Attorney Mark Maddox makes his living pursuing stockbrokers who have done their clients wrong. So when he needs someone to manage his money, to whom does he turn? A Salomon Smith Barney stockbroker who believed every word that now-defrocked telecom analyst Jack Grubman uttered about the industry – including the fact that […]
New York Post
Regulators will find that some of Wall Street’s biggest firms committed fraud by issuing bogus research, in a development that has plaintiffs lawyers for burned investors salivating. While regulators won’t use the term “fraud” against most firms, some, including Citigroup’s Salomon Smith Barney and Credit Suisse First Boston, may be tagged with it, sources said. […]
The Daily Journal
When the stock market tanked three years ago, a lot of investors lost their shirts. Some brokerage houses blamed market forces for their customers’ shrunken portfolios. Merrill Lynch took that position after two of its clients, brothers Aleks and Michel Horvat, lost more than $2 million over an eight-month period in 2000. The brothers subsequently […]
Dow Jones Newswires
Merrill Lynch & Co. (MER) lost $2.14 million in an arbitration case to two Los Angeles brothers who the firm claims tried to mirror the trading strategies of Hollywood director Michael Bay. The brothers, Aleks and Michel Horvat, accused the firm of churning their accounts and placing them in unsuitable stocks, including Broadcom Corp. (BRCM) […]