Lars Soreide, Esq, of Soreide Law Group, PLLC, had a recent FINRA Arbitration award published in the latest edition, May, 2013, of the PIABA Bar Journal. Only the most significant cases are chosen for publication in PIABA.
Mr. Soreide was the Claimant's counsel and the Respondent was Wachovia Securities, dba Wells Fargo Advisors LLC, and the broker. The claimant asserted negligence, breach of fiduciary duty, negligent supervision, breach of contract, and fraud in connection with their investment in Fannie Mae preferred stock (FNMA PFD PERP SER S 8.25%). The Claimant was seeking $50,000. The Respondent had denied the allegations.
The FINRA Arbitration Panel found Wachovia liable on claims of negligence, negligent supervision, fraud, and breach of contract. It entered an award for rescission requiring that Wachovia repurchase all shares of the preferred stock from the Claimant at the original price totaling $48,399.70. The claims against the broker were denied. All hearing fees were assessed against Wachovia.
The PIABA Bar Journal adds, "This case is significant because it provides a template for other Fannie Mae preferred securities claims. The arbitrator granted full rescission and put the liability squarely on Wachovia's research and marketing efforts while exonerating the broker."
If you have experienced a financial loss due to your stockbroker or financial advisor’s recommendations, call Soreide Law Group for a free consultation with an attorney at: 888-760-6552.
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