Arbitration
Family Affair: Panel Orders J.P. Morgan, Ex-Brokers to Pay $19 Million to Grandmother
A Finra arbitration panel in Boca Raton, Florida found two former brokers and J.P. Morgan liable in a case brought by the brokers’ 94-year-old grandmother for unauthorized trading and elder abuse.
Wells Fargo Recoups $2.5 Million from New Jersey Duo
Brokers who brought a ‘constructive discharge’ claim against the firm in 2017 have agreed to repay the balance on six promissory notes, according to an arbitration award.
Arbitration Panel Awards Morgan Stanley Slivers in TRO Case
Firm requested more than $938,000 from New Jersey broker it accused of taking confidential data in breach of his employment contract, and was awarded $5,500.
Ex-UBS Broker Seeks to Vacate $1.1 Million Arbitration Award
Florida advisor argues that an arbitrator’s quick designation shift to public from non-publication arbitrator invalidates the October promissory notes decision.
Morgan Stanley Refiles TRO to Gag Stifel Brokers, Settles in NJ
Alleges that six-broker team in Illinois that joined Stifel two months ago lied about their possession of client-contact data—violating their employment contracts and their new firm’s “Non-Protocol Transition Guide.”
Ex-Wells Fargo Broker Wins $750K, More Than Triple His Core Comp Claim
New York City advisor who was shifted from a Wells bank branch to a brokerage office accused the bank of confiscating his and a partner’s deferred comp, growth award and lost opportunity costs.
Finra Names Names of Firms, Brokers Who Owe Arbitration Money
New website lists those who have not paid customer awards, including those who cite bankruptcy as reason for their delinquency.
Morgan Stanley Prevails in Dismissing Class-Action Discrimination Suit
New York judge says some named plaintiffs in the “Kathy Frazier” racial and gender case can pursue complaints of discriminatory teaming and pooling policies in arbitration.
Arbitrator Wipes Old Complaints from Record of ‘One of Florida’s Largest Brokers’
Unusually swift expungement award to UBS advisor in Boca Raton reflects recanting of complaint from one former customer and confused testimony from another.
First Republic Ordered to Pay Broker $1 Million for ‘Unwarranted’ Termination
Arbitrators also order bank to forgive New York broker’s promissory note and change wording on regulatory filings to show that it unjustly fired him.
Fired Texas Advisor Overcomes Firm Claim for Reimbursement
Independent broker-dealer Cambridge Investment lost arbitration request for more than $390,000 from advisor fired for block-trading issues.
