Arbitration

The U.S. brokerage arm of the Swiss bank must pay damages under a FINRA arbitration case otherwise found to be ‘clearly erroneous.’

FINRA arbitrators tossed the case alleging negligence and fraudulent misrepresentation based on the wirehouse’s earlier settlement with the estate.

The case revolved around unit investment trusts, the same product that later showed up in a major SEC enforcement action against the brokerage.

An arbitrator ordered the minuscule payment despite taking the wirehouse to task in the ruling.

Amid rising criticism of bans on court filings in wealth management, the firms’ customer agreements are getting as much scrutiny as those of brokerage firms.

Despite standout defamation awards, such as a $13.5 million payout to an ex-UBS rep, advisors and attorneys say firms are abusing their U5 power.

As the U.S. commonwealth’s fiscal restructuring awaits court approval, a fixed-income brokerage firm’s CEO is trying to drum up votes — or at least a quorum.

Allison Herren Lee and Robert Cook also vowed to continue reforming expungements after the tabling of a new proposed rule earlier this year.

FINRA arbitrators decided not to hold the major custodian liable for transactions prior to 2008, an attorney for the clients says.

Beverley Schottenstein steps back into legal combat against her grandsons — two brothers — after a deal to hash out an agreement over their mishandling of her $80 million fell apart.

Although they praise certain changes in a rule up for SEC approval, client attorneys and researchers say the process has further flaws.

FINRA arbitrators ordered the wealth manager and closed-end funds manager to pay damages as it resolves outstanding claims stemming from the island’s fiscal crisis.

A barred broker’s alleged version of the “infinite banking” strategy recommended that clients liquidate their 401(k)s or IRAs to buy variable annuities.

Potential legislation from a more progressive Congress and pressure from activists groups could mean the end is near for forced arbitration.

The legislation re-introduced in Congress could give more clients the option of seeking damages through the courts.

Wealthy retail matriarch Beverley Schottenstein will accept less than the $10 million that FINRA ordered her two grandsons, former JPM brokers, to pay her for mismanaging her money.

Evan Schottenstein, without admitting or denying the findings, agreed to the sanction after FINRA concluded he wasn’t complying with its investigation.

Anthony Diaz began the sentence immediately after a hearing in which a victim said he should “rot in hell” for the felonies.

Impact investment manager Rachel Robasciotti and other advocates say the private proceedings are harmful to victims and helpful to firms protecting serial harassers.

The veteran FAs’ one complaint blotted their records for seven years.