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Merrill Lynch Fined $1 Million For Dodging Arbitration Mandated by FINRA
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January 25, 2012 @ 1:23 pm |
Merrill Lynch Pierce Fenner & Smith has been censured and fined $1 million for its failure to arbitrate disputes with its employees over retention bonuses.
The fine was part of a settlement with Merrill Lynch announced by the Financial Industry Regulatory Authority (FINRA) on Jan 25. A full-service broker-dealer with its principal offices located in New York, Merrill Lynch has been a FINRA member firm since 1937. The firm employs over 31,000 registered brokers and maintains over 1,200 branch offices.
FINRA said Merrill Lynch im...
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Former Red Sox Catcher Scores $1.2 Million Arbitration Award from Merrill Lynch
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January 25, 2012 @ 12:38 pm |
Doug Mirabelli, a former catcher for the Boston Red Sox, was awarded more than $1.2 million in arbitration against brokerage firm Merrill Lynch after claiming that the firm sank his money in inappropriate investments and made unsuitable recommendations, according to a Jan. 23 report by Reuters.
On Jan. 13, an arbitration panel of the Financial Industry Regulatory Authority (FINRA) ruled that Merrill L...
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Is FINRA Mandatory Arbitration Policy a Violation of Your Legal Rights?
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January 18, 2012 @ 12:26 pm |
According to a Jan. 17 piece by former investment banker William D. Cohan, the mandatory arbitration provision buried deep within the documents one must sign to open a brokerage account or get hired by a brokerage firm is a wholesale abdication of legal rights.
Cohan, the author of “Money and Power: How Goldman Sachs Came to Rule the World,” is also a Bloomberg View columnist whose piece was reprinted by Investment News. He suspects that ...
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FINRA Awards Damages for Firm’s Failure to Reasonably Inform Customers Regarding Bond Recommendation
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January 16, 2012 @ 9:35 am |
On Jan. 9, an arbitrator for the Financial Industry Regulatory Authority, or FINRA, awarded customers of a brokerage firm compensatory damages of roughly $55,000 for breach of fiduciary duty, negligence and breach of contract in the course of a bond sale.
In addition, the customers were awarded almost $15,000 in prejudgment interest.
The customers, the claimants in the arbitration, were Zane Gubman and Karen Gubman in their capacities as co-trustees of the Gubman Revocable Trust and co-trustees of the Sidney Cohn Life Insurance Tru...
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Supreme Court: Arbitration Clause in Contract Not Invalidated by Consumers’ Right to Sue
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January 12, 2012 @ 2:26 pm |
The U.S. Supreme Court issued an opinion on Jan. 10 ruling in favor of a credit card company that sought to enforce a mandatory arbitration provision in its agreement with a class of consumers that sued the company for making misleading statements and charging excessive fees.
The class of consumers who sued, called respondents in the Supreme Court opinion, are individuals who obtained Aspire Visa credit cards marketed by CompuCredit Corp. The cards were issued by Colu...
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Securities Law: Insider Trading (Turning Point Series)
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Wayward Capitalists: Targets of the Securities and Exchange Commission (Yale Studies on White-Collar Crime Serie)
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