Results

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Displaying 7 out of 7 results

Brush et al v Merrill Lynch - $1.1 Million 72(t) Award

In December 2004, an NASD arbitration panel in Indianapolis, IN ordered Merrill Lynch to pay $1.1 Million including $450,000 in punitive damages to a group of Claimants in a 72(t) case. The panel found that Merrill Lynch failed to properly train and supervise their brokers and provided brokers with deceptive tools to use when advising clients whether to retire and how aggressive their retirement portfolios should be. Dr. McCann testified on behalf of the Claimants.

Rooney v Wachovia Securities, LLC - Fraud, Breach of Fiduciary Duty $567,000 Award

In November 2004 an NASD Arbitration panel in Los Angeles, CA ordered Wachovia to pay Mr. and Mrs. Rooney compensatory damages of $189,000, and an additional $378,000 in punitive damages. Dr. O'Neal testified on the use of inappropriate mutual fund share classes and on costly switching among various mutual funds that showed nearly identical return patterns.

Berry et al v Merrill Lynch - $752,000 72(t) Award

In September 2004, an NASD arbitration panel in Indianapolis, IN ordered Merrill Lynch to pay $752,000 including $191,000 in punitive damages to a group of Claimants in a 72(t) case. The Claimants alleged that Merrill Lynch failed to properly train and supervise their brokers and provided brokers with deceptive tools to use when advising clients whether to retire and how aggressive their retirement portfolios should be. Dr. McCann testified on behalf of the Claimants.

Hatch v H&R Block Financial Advisors - $507,937 Churning Award

In September 2004, an NASD arbitration panel in Southfield, MI ordered H&R Block Financial Advisors to pay the Claimant $507,937 in compensatory damages and costs. Dr. McCann testified on behalf of the Claimant that the Claimant's securities portfolio was churned and estimated damages.

Bokan v Merrill Lynch, Pierce, Fenner & Smith, Inc. - Suitability $405,000 Award

In March 2004 an NASD Arbitration panel in Boca Raton, FL ordered Merrill Lynch to pay Mr. Bokan compensatory damages of $366,000 plus interest. The panel also awarded Mr. Bokan $39,000 in travel costs and expert witness fees incurred.

District Court Grants Defendants' Motion for Summary Judgment in WAXS Class Action

In March 2004, the United States District Court for the Northern District of Georgia granted the Defendants' motion for summary judgment in what was left of twenty-three class actions against World Access (WAXS). The Court found that WAXS's statements concerning a switch designed for developing markets were not false and misleading. The Court went on to conclude that, in any case, the statements were not material based on an event study performed by Dr. McCann. The Court said that when allegedly false and misleading statements do not cause a statistically significant price increase during the class period, Plaintiffs can not demonstrate materiality of the alleged misrepresentations by looking at an allegedly curative disclosure if those disclosures contained a lot of additional negative information.

Lopez v Merrill Lynch - $6.4 Million Exercise & Hold Award

In February 2004 an NASD arbitration panel in Dallas awarded four Claimants $6.4 Million arising out of claims against Merrill Lynch over the exercise of non-qualified employee stock options by Allegiance Telecom employees.

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