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Finra board eyes raising arb fees to increase arbitrator pay
Finra is considering raising the fees related to pursuing an arbitration claim against a brokerage firm in order to increase the pay for people who hear the cases.
National Planning slammed with $6.2M arbitration award
In a dispute focused on real estate investments, the indie B-D and a former broker 'breached fiduciary duty, were negligent,' complaint says. Big award comes with split decision.
Former Merrill Lynch broker banned for stealing $1M from clients
Banned from industry for stealing funds to invest in company, buy condo and pickup
State regulators question whether E&O coverage should cover broker arb awards
State regulators want to ensure that brokers pay arbitration awards to harmed investors but they question whether making them take out insurance is an effective way to do it. The Financial Industry Regulatory Authority Inc. is considering requiring brokers to buy insurance to cover arbitration
Ex-Wedbush broker wins $4.2M from firm
A former star Wedbush Securities Inc. broker last Wednesday won a stunning $4.2 million arbitration award against his old firm in a case that dated back to sales of risky collateralized mortgage obligations before the credit crisis.
Former star Wedbush Securities broker wins $4.2 million award against firm
A former star Wedbush Securities broker wins a $4.2 million award against the firm in a case over pre-crisis sales of risky CMOs. It's the second big case the firm has lost in as many years. Bruce Kelly has the story.
Citigroup to pay arb award over soured real estate
Citigroup Global Markets Inc. last Monday was hit with a hefty $3.1 million arbitration award after two investors claimed that their broker directed them into real estate developments that went bad.
All-public Finra arb panels get big boost with SEC rule
Arbitration panels made up entirely of people without financial industry ties are likely to become the norm in customer cases against brokerage firms under a new rule. On Wednesday, the Securities and Exchange Commission approved a proposal by the Financial Industry Regulatory Authority Inc. that
Citigroup Global — formerly Smith Barney — hit with $3.1M arbitration award
Citigroup Global gets hit with a $3.1 million arbitration award after investors claimed a former Smith Barney broker steered them to a real estate development that folded. Bruce Kelly reports.
BofA quashed on arbitration
A federal judge last week denied a request by Bank of America and Merrill Lynch to force a group of bank brokers to arbitrate a lawsuit seeking overtime pay. The relevant laws and interpretations by the Securities and Exchange Commission “each reject [Merrill's and Bank of America's] contention
Court says Bank of America can't force brokers into arbitration
A federal judge has ruled that Merrill Lynch can't force a group of brokers suing the firm over overtime into arbitration. The case has big implications for the Finra-Schwab class action case.
Time to end mandatory arbitration
It is facing long odds of passage, but Rep. Keith Ellison's recently introduced bill to end mandatory arbitration in broker and investment adviser agreements makes sense. The Democrat from Minnesota believes that investors have grown suspicious of Wall Street, and that doing away with arbitration
Athletes vs. Advisers
Next » Photo by iStock. When athletes land in financial trouble, their financial advisers are sometimes on the receiving end of their complaints. Here are seven recent examples of athletes who have gone head to head with their advisers. Advertisement
Arbitration bill is introduced
Rep. Keith Ellison, D-Minn., a member of the House Financial Services Committee, has introduced legislation that would end mandatory arbitration in broker and investment adviser agreements with clients, but the bill faces an uphill battle.
House Democrat introduces bill to end mandatory arbitration
A House Democrat has introduced a measure to end mandatory arbitration, but the bill might get stuck in its Republican-controlled committee.
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