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Supreme Court Smacks Down West Virginia's Challenge to Arbitration of Wrongful Death Cases
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February 24, 2012 @ 2:39 pm |
State courts must enforce arbitration agreements pursuant to the Federal Arbitration Act (FAA) regardless of public policy concerns or conflicting state laws, the U.S. Supreme Court has held in Marmet Health Care Center Inc. v. Brown, in a per curiam opinion entered Feb. 21.
The ruling vacated a decision by West Virginia's Supreme Court of Appeals that said compelled arbitration was unenforceable in a trio of consolidated suits against nursing homes for personal injury ...
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Stockbroker Fined and Suspended for Misrepresenting Variable Annuities
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February 20, 2012 @ 12:52 pm |
Lloyd Thomas Mincy Jr., a stockbroker registered with Centaurus Financial Inc., has been fined $20,000 and suspended for nine months for fraudulently misrepresenting the guaranteed rates of return for variable annuities he sold to four customers.
From October 2004 through 2008, Mincy materially misrepresented the features of the variable annuities, both verbally and in writing. He also paid $10,900 to a customer for charges she incurred when surrendering a variable annuity to purchase another product, almost the exact amount by which Mincy had underestimated the surrender char...
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Elderly Couple's Arbitration with LPL Financial Results in $1.4 million Award
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February 15, 2012 @ 3:47 pm |
LPL Financial LLC must pay $1.4 million to an elderly couple who claimed they were the victims of fraud in connection with real estate deals. The award was issued by an arbitration panel of the Financial Industry Regulatory Authority (FINRA) on Feb. 10.
Heinrich and Araceli Hardt, both 76, bought into real estate deals known as Tenant-in-Common (TIC) exchanges in 2007 and 2008, according to a report from Investment News.
Tenant-in-Common (...
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FINRA Issues 2012 Report on Potentially Risky Retail Investments
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February 10, 2012 @ 2:25 pm |
Tough economic times call for investors to be wary, as financial professionals are tempted toward riskier behaviors, according to the Financial Industry Regulatory Industry’s (FINRA) 2012 report on regulatory and examination priorities, released Jan. 31.
The report first lists a few investment characteristics that demand close attention, and then provides a detailed list of products FINRA believes require heightened regulatory, supervisory and investor attention.
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FINRA Says Charles Schwab & Co. Violated Rules with Class-Action Waiver
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February 3, 2012 @ 6:52 pm |
Charles Schwab & Co. violated regulatory rules by requiring customers to sign a contract with a provision waiving their rights to bring class actions against the firm, according to a complaint filed by the Financial Industry Regulatory Authority (FINRA) on Feb. 1
Schwab is one of the nation’s largest discount brokerage firms, with more than 340 offices nationwide that together employ about 7,000 brokers. It has been a member of FINRA since 1970.
The firm amen...
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