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Displaying 21-23 out of 23 results

Mauney v Charles Schwab - $246,560 (SWYSX) Award

In April 2010, a FINRA arbitration panel in Seattle, WA ordered Charles Schwab to pay the Claimant $246,560 including $53,359 in attorneys' fees. The award was made after a hearing wherein the Claimants alleged that Schwab misrepresented its YieldPlus (SWYSX) bond fund as a low risk alternative to a money market fund for cash holdings. Dr. McCann testified on behalf of the Claimants that the YieldPlus fund was much riskier than money market funds, that its portfolio was dominated by illiquid private-label mortgage backed securities containing considerable credit risk and that Schwab apparently overstated the fund's NAV in late 2007 and early 2008.

Cobb et al v Morgan Keegan - $1,100,000 (MKHIX, RMH, RMA, RSF, RHY) Award

In February 2010, a FINRA arbitration panel in Birmingham, AL ordered Morgan Keegan to pay $1,100,000 in damages. The award was made after a hearing wherein the Claimants alleged Respondents breached contractual and fiduciary duties, failed to suitably invest Claimants' accounts, and failed to supervise Claimants' accounts. The panel found Morgan Keegan liable for "misrepresentation and failure to disclose the true nature of the RMK funds." The claims related to Claimants' investments in the RMK Select High Income Fund (MKHIX), RMK High Income Fund (RMH), RMK Advantage Income Fund (RMA), RMK Strategic Income Fund (RSF) and RMK Multi-Sector High Income Fund (RHY). Dr. McCann testified on behalf of the Claimants.

Stein et al v Morgan Keegan - $2,500,000 (MKHIX, RMA, RSF, RHY) Award

In February 2010, a FINRA arbitration panel in Boca Raton, FL ordered Morgan Keegan to pay $2,500,000 in damages. The award was made after a hearing wherein the Claimants alleged Respondents breached contractual and fiduciary duties, failed to suitably invest Claimants' accounts, and failed to supervise Claimants' accounts. The panel found Morgan Keegan "liable for unsuitability, negligence and failure to supervise." The claims related to Claimants' investments in the RMK Select High Income Fund (MKHIX), RMK Advantage Income Fund (RMA), RMK Strategic Income Fund (RSF) and RMK Multi-Sector High Income Fund (RHY). Dr. McCann testified on behalf of the Claimants.

23 Results

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