Arbitration
Ex-J.P. Morgan Broker Seeks to Vacate $450K Arb Award
Barney Greengrass, a scion to the New York bagel empire by the same name, is hoping a court will revive his $13 million claim that another employee poached his largest client.
Morgan Stanley Chairman’s Club Broker Clears Record After Two Decades
Jonathan R. Legg, who joined Morgan Stanley in 1999 after being permitted to resign from a B. Riley predecessor firm for alleged violations of firm policies on discretion in client accounts and reporting of customer complaints, was granted expungement of nine related client claims.
UBS Claws Back $1.9-Mln in Notes Case But Owes Broker $300K for His Trouble
A three-person arbitration panel sided with UBS for the majority of the award against a broker who joined Wells in 2017 but also said the firm had misrepresented its loan program and agreed with the broker’s constructive discharge claim.
Former J.P. Morgan Broker Ordered to Pay Ex-Wife $2.5 Million in Unsuitable Trading Case
Barry S. Snyder, who also has an ongoing lawsuit against J.P. Morgan Securities over his 2015 discharge, is mulling asking a court to vacate the award, his lawyer said.
UBS Ordered to Pay $800k in One ‘YES’ Case, But Prevails in Another
One panel awarded two couples who had lost nearly $700,000 on their investments in UBS’ Yield Enhancement Strategy their money back plus prejudgement interest, while the wirehouse notched its ninth YES victory with another panel.
U.S. Supreme Court to Hear Ex-Ameriprise Broker’s Petition to Overturn Arbitration Award
The justices will hear in early November arguments by a Louisiana financial advisor who seeks to have a state court vacate a Finra arbitration panel ruling rather than abide by a federal court’s confirmation.
Morgan Stanley Fends Off Former Florida Manager’s $4-Mln Wrongful Termination Claim
A three-person panel also refused to expunge the manager’s record, according to an award, which did not include an explanation.
Arbitrator Empathizes with Fired Broker over 251-Page Compliance Manual, Erases U5
Bradley R. Thompson, a 22-year broker now with Kovack Securities, was successful in expunging from his record a 2016 violation from LPL Financial over an “infraction of firm policy concerning loans.”
UBS Ordered to Pay Houston Investor $358K in ‘YES’ Case
The award is the first in a Yield Enhancement Strategy case where the claimants won the full amount damages they had requested, their lawyer said.
Ex-Merrill Superstar Phil Scott Swings and Misses with Expungement Requests
The 36-year industry veteran was unsuccessful in his bid to clear his record of three financial crisis-era disputes that had settled for about $3 million combined.
Lawyers Just Say ‘No’ to Zoom for Finra Arbitration Hearings
Of the 792 proposed virtual hearings between March 2020 and July, 453 drew contested motions, according to the industry self-regulator’s data.
