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California Fights NYSE, NASD On New Arbitrator Disclosures

Wall Street Journal

At the height of the tech boom, Joe and Janet Janssens say they took the advice of their Salomon Smith Barney broker and plowed much of their life savings, including money earmarked for their dream home, into technology stocks. Today, the couple says they have lost $276,000 — nearly a third of their portfolio — […]

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Merrill Lynch Appeals $7.7M Award


Merrill Lynch & Co. is appealing a $7.7 million arbitration award that securities lawyers say could foreshadow a tidal wave of trouble for the nation’s large full-service brokerages. A private arbitration panel made the award last month to a Pittsburgh couple who claimed Merrill didn’t properly advise them on how to handle a large investment […]

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NASD Sued for Stalling Disputes

The Daily Journal

A Southern California law firm representing two elderly investors has filed suit against a stock market group, seeking to force it to appoint arbitrators to hear their clients’ claim that a stockbroker caused them to lose their retirement savings. The suit, filed Monday in Los Angeles Superior Court by the Beverly Hills firm of Aidikoff […]

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Broker's plea is good news for victims who are suing

Cleveland Plain Dealer

Frank Gruttadauria’s plea agreement will pave the way for settlements, jury verdicts and arbitration awards in favor of his victims, several securities law experts said yesterday. The former high-rolling Cleveland stockbroker has agreed to plead guilty to four criminal charges in one of the nation’s largest cases of fraud involving an individual broker. At least […]

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Our Arbitration Rules Or No Game

CBS Marketwatch

Like the kid who says he gets to make the rules because he’s got the only ball, the National Association of Securities Dealers and the New York Stock Exchange have blocked new investor arbitrations in California because they don’t want to follow the state’s new conflict-of-interest disclosure rules. The California legislature, concerned about the growing […]

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