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Los Angeles Times
The National Assn. of Securities Dealers unveiled guidelines Tuesday that could force online brokerages to determine whether certain investments their clients make are suitable for them. But some critics said the guidelines don’t go far enough to protect do-it-yourself investors. At issue is whether online brokers are doling out investment recommendations and, therefore, must screen […]
Financial Net News
Attorneys and arbitration pros say that Ameritrade, TD Waterhouse and E*Trade Securities are shifting strategies for resolving customer disputes and are pushing cases into mediation rather than trying to litigate them via arbitration. “In the beginning, [E*Trade] absolutely refused to mediate, now they are mediating everything,” said one California mediator, noting that the online giant […]
PR Newswire
A National Association of Securities Dealers (NASD) arbitration panel found The Boston Group and its founder Robert Diminico liable and ordered them to pay a total of $400,000, which included a $300,000 award of punitive damages to compensate Jim Oliver, a Nebraska investor. At the arbitration, Mr. Oliver proved that the Boston Group and Mr. […]
Dow Jones Newswires
It isn’t easy for a naive investor to conquer a street-smart brokerage firm, but Cara Marks succeeded three years ago when she won $137,000 in an arbitration case against Lew Lieberbaum & Co. Then the 45-year-old Beverly Hills resident found out that winning isn’t everything on Wall Street, at least not in the industry’s investor […]
Forbes.com
If you want to sue your online brokerage, get in line. Online trading has ballooned in the last few years and now makes up roughly one of four retail stock trades. But customer complaints of shoddy service and bungled communications have grown right alongside it. The number of complaints fielded by the Securities and Exchange […]