Dow Jones
Raymond James & Associates, Inc. and one of its brokers must buy back $925,000 in auction-rate securities from a Texas-based couple, a securities arbitration panel has ruled. Rex and Sherese Glendenning, of the Celina area in Texas, originally sought $1.4 million in the case they filed in February 2009, against Raymond James & Associates, a […]
Bloomberg
Citigroup Inc. was ordered by brokerage-industry arbitrators to pay more than $1 million to three investors in its municipal-bond funds. The clients had accused the New York-based bank’s global markets unit of breaching fiduciary duty and other misconduct tied to their investments in funds known as MAT Five and MAT Three, according to an Aug. […]
Wall Street Journal
Two years after the credit-market meltdown hit a once-booming sector of the municipal-bond market, Wall Street brokerage firms are being ordered to pay millions to investors who lost big on what some thought were low-risk investments. This month, an investor arbitration panel awarded a California family $2.1 million, the full amount of its losses on […]
Dow Jones
An Alabama state court has denied a request by Morgan Keegan & Co. to fully overturn a securities arbitration award entered in favor of an investor, disagreeing with the company’s arguments that an arbitrator was allegedly biased. Judge Nicole Gordon Still, a civil division judge in Birmingham, affirmed a $220,000 award in favor of United […]
A Los Angeles based Financial Industry Regulatory Authority (FINRA) arbitration panel awarded $550,504 to a married couple who are clients of Aidikoff, Uhl & Bakhtiari. The award represents a return of 100 percent of the client’s losses as a result of their purchase of Mat Three. Mat Three was a leveraged municipal arbitrage hedge fund […]