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Los Angeles Business Journal
NASD arbitration hearings are currently frozen in California, due to the NASD’s opposition to new state regulations governing arbitrators’ conflicts of interest and disclosure. The NASD has taken the position that the state rules are unworkable, and the matter is pending before courts and regulatory bodies. However, the Beverly Hills last firm last month argued […]
Wall Street Journal
Hartley Bernstein has a neighbor who revels in calling him “a felon.” His mother wonders: “Did I do something wrong raising you?” His probation officer asks: “What are you doing with your life?” Mr. Bernstein used to be a prominent New York attorney, a self-described “rainmaker.” But he represented stock-manipulation schemers who were cheating investors […]
Seattle Times
Irate investors who have been burned by their brokers or the market are out for revenge. Across the nation, legal filings against stockbrokers are at unprecedented levels, said the National Association of Securities Dealers, which regulates brokers. Securities attorneys say they’re being bombarded with legitimate cases and with calls from people who have lost lots […]
Wall Street Journal
At the height of the tech boom, Joe and Janet Janssens say they took the advice of their Salomon Smith Barney broker and plowed much of their life savings, including money earmarked for their dream home, into technology stocks. Today, the couple says they have lost $276,000 — nearly a third of their portfolio — […]
Newsday
Merrill Lynch & Co. is appealing a $7.7 million arbitration award that securities lawyers say could foreshadow a tidal wave of trouble for the nation’s large full-service brokerages. A private arbitration panel made the award last month to a Pittsburgh couple who claimed Merrill didn’t properly advise them on how to handle a large investment […]