InvestmentNews
David Lerner Associates Inc. isn’t out of the legal woods despite the stiff sanctions leveled against it last week from securities regulators over the firm’s sale of nontraded real estate investment trusts and municipal bonds. The Financial Industry Regulatory Authority Inc. last Monday slammed the longtime purveyor of muni bonds and REITs for alleged unfair […]
Reuters
A federal appeals court on Tuesday reinstated a $9.2 million securities arbitration ruling against Morgan Keegan & Co stemming from a group of bond funds that became the subject of a civil fraud action by regulators. The U.S. Court of Appeals for the 5th Circuit ruled that a district court’s decision to throw out the […]
InvestmentNews
U.S. District Judge Jed S. Rakoff shook the securities establishment to its core in 2009 when he refused to sign off on a $33 million settlement between the Securities and Exchange Commission and Bank of America Corp. The SEC had sued the bank for not disclosing an agreement to pay up to $5.8 billion in […]
InvestmentNews
A California appeals court ruling that makes it easier for brokers to expunge customer complaints and disciplinary actions from their records could have far-reaching implications for brokers everywhere. In an Aug. 23 decision, the California Court of Appeal for the First Appellate District in San Francisco ruled that brokers may expunge their records under a […]
Reuters
The Financial Industry Regulatory Authority has reinstated three securities arbitrators that it crossed off its roster following a 2011 decision they made against Merrill Lynch, according to a letter reviewed by Reuters on Wednesday. FINRA’s removal of the three arbitrators between mid-2011 and early 2012 raised questions among lawyers and others about whether the influence […]