September 9, 2011

Soreide Law Group Wins FINRA Award in Favor of Heirs Recovering 100% Against Morgan Stanley Smith Barney

Soreide Law Group, PLLC, was notified by FINRA today that the clients they represented against Morgan Stanley Smith Barney, LLC (“MSSB”)  were awarded 100% of compensatory damages, in addition to expert fees, pre-judgment interest, and costs.
In a published FINRA award, case number 10-02604, Attorney Lars Soreide, recovered for his clients, who were the heirs and trustees to their late father’s estate, 100% of the damages caused by MSSB for not allowing their clients to roll over their late father’s minimum distribution back into his 401K which resulted in unnecessary tax consequences.  This case offers precedential value for future FINRA arbitrations that relate to unnecessary tax consequences incurred by brokerage firm’s negligent or non compliant policies or procedures that result in unnecessary tax consequences to their clients.
The Claimants, who were acting in their capacities as trustees, were improperly barred from rolling over their late father’s IRA distribution. The Claimants argued that a trustee upon death, steps into the shoes of the decedent, and can do for the decedent everything the decedent could have done if alive.  As authority for this proposition, Claimant’s attorney Lars Soreide, cited Gunther v. United States, 573 F. Supp. 126 – United States District Court, W.D. Michigan (1982).  Claimants’ expert witness was Gary Sellari of Divine Blaclock Martin and Sellari and all expert witness fees were awarded back to Claimants in addition to pre-judgment interest dating back to Nov., 2009.
For more information on Lars Soreide, Soreide Law Group, PLLC, this case, or other securities related claims please visit or call 888-760-6552. Soreide Law Group, PLLC, representing investors nationwide.

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