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 […]
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 […]
USA Today
Plenty of investors are upset with their stockbrokers, but they are also losing faith that Wall Street’s watchdog group will help them. Consider this: Investor arbitration claims against brokers jumped 24% last year. But, at the same time, investor complaints to that watchdog group, the National Association of Securities Dealers (NASD), fell 22%. That may […]
TheStreet.com
Eliot Spitzer, the bulldog attorney general who extracted a $100 million settlement payment from Merrill Lynch (MER:NYSE – news – commentary – research – analysis), says that’s just a down payment for compensating aggrieved investors. To be sure, none of the money that Merrill agreed to pay in this much-anticipated deal will go to investors […]
TheStreet.com
If you ask a securities attorney to list the pros and cons of the arbitration process, you’ll likely get the following response:What difference does it make? You don’t have any other option. That’s true. In the securities industry, complaints are typically heard in arbitration (a private legal proceeding that’s legally binding on both parties), rather […]