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Our research and testimony frequently result in awards, decisions and orders. See what our experts have been working on.

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Berghorst v Citigroup - $2,000,000 MAT, MAT Two, MAT Three and MAT Five Award

In June 2013, a FINRA arbitration panel in Boca Raton, FL ordered Citigroup to pay Claimant $2,000,000 over the sale of Citigroup's MAT, MAT Two, MAT Three and MAT Five leveraged municipal bond hedge funds. The award was made after a hearing wherein the Claimant alleged that Respondent breached contractual and fiduciary duties and misrepresented the hedge fund. Dr. McCann testified on behalf of the Claimant.

Harwich v Pacific Securities - $5,088,395 TIC Award

In June 2013, a FINRA panel in Boston, MA ordered Respondents to pay the Claimant $5,088,395 in compensatory damages, punitive damages, attorneys' fees and costs after a hearing in which Claimant alleged that the TIC sold did not pass a reasonable basis suitability test. Dr. McCann testified on behalf of the Claimant.

Texas PGI v Citigroup - $1,057,067 ARS Award

In May 2013, a FINRA arbitration panel in Dallas, TX ordered Citigroup to pay the Claimant over $1 Million as compensation for losses on student loan auction rate securities. The award was made after a hearing wherein the Claimants alleged that Respondents breached fiduciary duties and misrepresented the ARS. Dr. McCann and testified on behalf of the Claimants.

Gillespie vs Oppenheimer et al - $1.2 Million Churning Award

In January 2013, a FINRA arbitration panel in Houston, TX ordered Oppenheimer & Co. to pay at least $1,214,200 including attorneys' fees, interest and expenses after a hearing wherein the Claimant alleged Respondents churned the Claimant's accounts. Dr. McCann testified to the egregiousness of the churning and damages on behalf of the Claimant.

Golden v Genspring - $4.55 Million "Low Volatility" Hedge Fund Award

In December 2012, a JAMS arbitrator in Miami, FL ordered GenSpring Family Offices to pay the Claimant $4.55 Million in out of pocket losses an rescission. The award was made after a hearing wherein the Claimant alleged that the Respondent invested in low volatility hedge funds in lieu of traditional bonds. Dr. McCann testified on behalf of the Claimant.

Dale v Morgan Keegan - $1.38 Million (MKIBX) Award

In December 2012, a FINRA arbitration panel in Dallas, Texas ordered Morgan Keegan to pay $1.38 Million in compensatory damages plus interest at the rate of 5% accruing from October 4, 2010 through and including October 1, 2012, attorneys fees and costs in connection with Morgan Keegan's sale of the RMK Select Intermediate Bond Fund (MKIBX). Dr. O'Neal testified on behalf of the Claimants.

Straccia et al v Ceros Financial Services - $1.82 Million Leveraged and Inverse ETF Award

In November 2012, a FINRA arbitration panel in Manchester, NH ordered Focus Capital, Inc., Focus Capital Wealth Management, Inc. and Nicholas B. Rowe to pay Claimants $1.82 Million including $442,829 in attorneys' fees, $19,836 in costs and $30,000 in expert witness fees. The award was made after a hearing wherein the Claimants alleged that Respondents invested in unsuitable leveraged and inverse ETFs. Dr. McCann testified on behalf of the Claimants.

Roberts v ThinkEquity - $1.475 Million ARS Award

In October 2012, a FINRA arbitration panel in New York, NY ordered ThinkEquity to redeem at par $1.475 Million of auction rate securities remaining in the Claimant's accounts. The award was made after a hearing wherein the Claimant alleged that Respondents breached fiduciary duties and misrepresented the ARS. Dr. McCann testified on behalf of the Claimant.

Burford v JP Morgan Chase Bank - $18 Million + Variable Prepaid Forward VPF Award

In October 2012, the Oklahoma District Court in Tulsa, OK ordered JP Morgan Chase Bank to pay the Burford Trust $18,122,644 plus attorneys' fees and punitive damages to be determined. The award compensates the Trust for the diminution in value resulting from JP Morgan engaging in a series of variable prepaid forward contracts with the Trust. Dr. McCann testified at the hearing that the VPFs were high cost, opaque and not properly characterized in the presentations and that investment of the VPF proceeds in a municipal bond fund with interest paid to the income beneficiary virtually guaranteed that the Trust's Exxon-Mobil stock position would eventually be fully covered by the VPFs and ultimately sold off. Mr. Meyer testified about the pressures to sell in-house products and services without regard for the interests of the Trust beneficiaries.

Zeigon v First Republic - $870,631 TW Tax Advantaged Fund Award

In March 2012, a FINRA arbitration panel in San Francisco, CA ordered First Republic Securities to pay the Claimants $870,631 over the sale of a collateralized bond obligation (CBO) and the TW Tax Advantaged Fund LLC leveraged municipal bond arbitrage hedge fund. The panel dismissed claims on two of three CBOs based on FINRA's six-year eligibility rule and awarded the Claimant's 75% of the remaining out-of-pocket losses. Mr. Meyer testified about compliance and sales practices on behalf of the Claimants. Dr. McCann testified about the investments on behalf of the Claimants.

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