PR Newswire
A National Association of Securities Dealers (NASD) arbitration panel found Wachovia Securities Corp. (NYSE: WB) (formerly know as First Union Securities), liable and ordered Wachovia to pay investors Pro-Guard International, Inc. and Pro-Guard’s pension plan a total of $391,516. The arbitrators awarded compensatory damages totaling $334,240, interest at 5 percent from April 9, 2001 to […]
Los Angeles Times
Investors who are thinking about suing their brokers over losses suffered during the recent bear market might take heart from the case of John and Patricia Murray. The Los Angeles retirees, who filed an arbitration claim in 2002 against Prudential Securities alleging they’d gotten bad investment advice two years earlier, recently won their case, receiving […]
Los Angeles Times
A retired couple, who charged that their broker made inappropriate investments with their money, has won a $239,670 arbitration judgment against Prudential Securities Inc. The award, handed down by a National Assn. of Securities Dealers arbitration panel in Los Angeles and made public Thursday, allowed John and Patricia Murray of Los Angeles to recover all […]
Los Angeles Times
The probe of mutual fund trading practices unveiled last week by New York Atty. Gen. Eliot Spitzer has rocked the money management industry and left many on Wall Street wondering just what the scandal would mean for the stock market’s fledgling recovery. Although sales could well suffer at the firms directly caught up in Spitzer’s […]
Los Angeles Times
A recent state court ruling could allow some California investors to pursue legal claims against brokerages in court rather than before industry-sponsored arbitration panels. The decision last week by an appellate court in Los Angeles marked the latest chapter in a battle between the state and the securities industry over ethics standards for arbitrators. “For […]