With Puerto Rico settlement in sight, clients win $4.8M award from UBS
By: Tobias Salinger, Financial Planning (May 2021)
Tobias Salinger's With Puerto Rico settlement in sight, clients win $4.8M award from UBS" Financial Planning story reports on a recent recent settlement of $4.8 million in relation to arbitration filings in Puerto Rico. UBS has been accused of unauthorized use of lines of credit and margin, breach of fiduciary duty, breach of contract, unsuitability and negligence by multiple high profile clients following the crash of the Puerto Rico bond market, and SLCG's
Edward O'Neal is quoted saying that this is common when a broker finds a particular product, and begins suggesting it to every client they have. If that product goes under, they have to answer to each of those clients that lost money under their fiduciary care.
Consultant: West Virginia city was bombarded with opioids
By: Associated Press (May 2021)
The Washington Times' "Consultant: West Virginia city was bombarded with opioids" story reports on three companies that have been involved in complex litigation for shipping overwhelming amounts of opioids into the state of West Virginia from 2006 to 2014. Dr. McCann testified in this case, and is quoted in the article saying that of the 110 million doses of hydrocodone and oxycodone that were shipped into the state, over 90% were from the defendants. That covers just two of the many prescription drugs that these companies are responsible for pumping into Cabell County and Huntington. This inexcusable lack of judgement was reflected in the defendants responses, showing no remorse for their role and failing to fight claims made against them by Dr. McCann.
AG Ferguson wins historic $14.5M after trial on "trust mill" scheme
By: Office of the Attorney General, Washington State (Mar 2021)
A press release from the Washington State Attorney General details a historic settlement of $14.5 million after CLA Estate Services, Inc. and CLA USA, Inc. earned millions deceptively selling estate-planning services and annuities to Washington seniors. Quoted from his testimony in the case, Dr. McCann states in the article that during his extended time as an expert witness, he has never seen a product in which "there is a zero chance that a fully informed investor would ever purchase".
