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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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Hayes v Banc of America Securities - $1.4 Million CLO Award

In January 2012, a FINRA arbitration panel in Reno, NV ordered Banc of America Securities to pay the Claimant $1.375 Million including $218,344 in attorneys' fees and $23,500 in expert witness fees over the sale of the E-1 Notes of LCM VII, a collateralized loan obligation. The award was made after a hearing in which the Claimant alleged that Respondents violated Nevada's securities fraud statute by failing to disclose that losses in the loans backing the CLO prior to the issuance of the CLO were being transferred to the CLO investors and would make the CLO notes much less valuable and much more risky. Dr. McCann testified on behalf of the Claimant.

Research
CLOs, Warehousing, and Banc of America's Undisclosed Losses

Beattie v Merrill Lynch - $230,000 Annuity Award

In November 2011 a FINRA arbitration panel in Orlando awarded Claimant $230,000 in compensatory damages arising from an exchange of variable annuity contracts recommended by Respondent. Mr. Meyer testified about the suitability issues attendant to annuity purchases and switches.

Estate of Margaret Cwirko v Morgan Stanley $241,344 Award

In October 2011 a FINRA panel in New Jersey awarded Claimant $241,344 in compensatory damages resulting from the embezzlement of funds from her brokerage account by Claimant's son-in-law. Mr. Meyer testified about a broker-dealer's supervisory duty to review customer accounts for "red flags" or indications of possible wrongdoing, and respond promptly and appropriately.

Precaspian Development Corporation v Todd Ficeto and Hunter World Markets - $6.2 Million Award

In August 2011 a California Superior Court jury in Los Angeles awarded the Plaintiff $1.2 Million in compensatory damages and $4 Million in punitive damages. On behalf of the Plaintiff, Mr. Meyer testified about various techniques Defendants used to manipulate prices of certain microcap stocks held in hedge funds owned by the Plaintiff. Mr. Meyer also testified about the harmful effects of stock price manipulation on the financial markets.

Chapman v Citigroup - $3,000,000 Concentrated Stock Award

In November 2010 a FINRA arbitration panel in San Francisco, CA ordered Citigroup to pay $3,000,000 to the Claimant who alleged, among other claims, breach of fiduciary duty, breach of contract and failure to supervise. Dr. McCann testified on behalf of the Claimant about the feasibility and impact of hedging strategies for concentrated stock positions.

Lanfear v Global Crown Capital - $1,688,000 Award

In July 2009, a FINRA arbitration panel in San Francisco, CA ordered Global Crown Capital and its principal to pay the Claimant $1,688,000. The award was made after a hearing wherein the Claimant alleged that Global Crown churned Claimant's securities accounts and a sham hedge fund offered as Cogent Hedge Fund in which the Claimant was the primary investor. Dr. McCann testified on behalf of the Claimant that the securities accounts and the hedge fund was churned and that the Claimant thereby suffered at least $1.7 Million in damages.

CASE Credit Union v Prudential - $1,028,443 Interest-Only CMO Award

In May 2009, a FINRA arbitration panel in Detroit, MI ordered Prudential to pay $1,028,443 in damages and interest after a hearing wherein the Claimant alleged Respondents sold the Claimant an unsuitable, overpriced Interest-Only CMO strip. Dr. McCann testified on behalf of the Claimants.

Coutant and Goheen v Morgan Stanley Dean Witter et al - $1.016 Million Concentration Award

In February 2008, a FINRA arbitration panel in San Francisco, CA ordered Morgan Stanley to pay $1,015,875 after a hearing wherein the Claimants alleged Respondents failed to provide competent hedging advice with respect to the Claimants' concentrated stock holdings. Dr. McCann testified about principles of prudent investment management, hedging strategies and damages on behalf of the Claimants.

Lackey v Casimir Capital and James Ahern - $94,500 Churning Award

In December 2007, a FINRA arbitration panel in Dallas, TX ordered Casimir Capital and James Ahern to pay $94,500 including expenses and attorneys' fees after a hearing wherein the Claimants alleged Respondents churned the Claimants' accounts. Dr. McCann testified to the egregiousness of the churning on behalf of the Claimants.

Riley v Associated Securities - $605,000 Asset Allocation Award

In November 2007, a FINRA arbitration panel in Reno, NV ordered Associated Securities and Patricia Meidell to pay $605,000 in damages and interest after a hearing wherein the Claimants alleged Respondents breached contractual and fiduciary duties and failed to suitably diversify Claimant's account. Dr. McCann testified on behalf of the Claimant.

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