USA Today
NEW YORK – In the wake of the stock market collapse, angry investors across the USA are filing complaints and arbitration claims against their stockbrokers, blaming them for losses that in some cases wiped out retirement nest eggs. The surge in complaints is not restricted to small, fly-by-night brokerage firms, but also involves large companies. […]
Los Angeles Times
Arbitration claims against brokerage firms jumped sharply in April, signaling what may be the start of a long-awaited surge in litigation after the last year’s brutal stock market decline. Investors filed 581 arbitration claims last month, up 55% from 374 in April 2000, the National Assn. of Securities Dealers said Friday. The 2,137 cases filed […]
CBS Marketwatch
It happened to Ben Affleck, and to Matt Damon, too. Investment losses. They hurt, and they often spawn a rash of lawsuits waged at financial advisers. If you just reviewed your finances for the past year, paid your taxes, and realized how bad off your portfolio really is, you’re not alone. If you’re looking for […]
Los Angeles Times
The National Assn. of Securities Dealers unveiled guidelines Tuesday that could force online brokerages to determine whether certain investments their clients make are suitable for them. But some critics said the guidelines don’t go far enough to protect do-it-yourself investors. At issue is whether online brokers are doling out investment recommendations and, therefore, must screen […]
Financial Net News
Attorneys and arbitration pros say that Ameritrade, TD Waterhouse and E*Trade Securities are shifting strategies for resolving customer disputes and are pushing cases into mediation rather than trying to litigate them via arbitration. “In the beginning, [E*Trade] absolutely refused to mediate, now they are mediating everything,” said one California mediator, noting that the online giant […]