In a July 8, 2011, article by Dan Jamieson for InvestmentNews.com he writes that clients of a prominent Bank of America Merrill Lynch have won an $880,000 arbitration award against the firm. Phil Scott of the firm's Bellevue, Wash., office, was this year ranked No. 30 on the Barron's list of top advisers, with $1.8 […]

Recently, a FINRA arbitration panel made a monetary award  in the case of Stone & Youngberg v. Kay Family Revocable Trust, No. 3:11-cv-00198 (N.D. Cal., 6/22/11),  which was appealed by the defense and lost.    This case involved the challenge by a broker-dealer to a $750,000 award to a former customer, who was advised by Stone & […]

In a June 29, 2011, article by Bruce Kelly for InvestmentNews.com he writes that as part of a settlement with eight states and the Securities and Exchange Commission, Raymond James Financial Inc. will buy back $300 million in auction-rate securities from clients and pay a fine of $1.7 million. The states in charge of the […]

The following information was posted on Raymond James' website: Raymond James Offer to purchase eligible auction rate securities After providing ready liquidity to investors for over 23 years, in mid-February 2008 the Auction Rate Securities (ARS) market reacted to the unprecedented contractions in the credit markets, resulting in widespread auction failures. While some issuers have […]

In a June 28, 2011, article written by Darla Mercado for InvestmentNews.com, she writes that Finra's variable annuity suitability rule should be old news to broker-dealers, but firms that want to avoid an arbitration land mine ought to review their procedures. This warning came from Andrew A. Favret, associate vice president and regional chief counsel […]