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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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McKinney v Merrill Lynch - $3.321 Million Concentration & Variable Prepaid Forward Award

In October 2007, a FINRA arbitration panel in Indianapolis, IN ordered Merrill Lynch to pay $3.321 Million to a Claimant. Claimant alleged that Merrill Lynch recommended that she purchase investments on margin despite holding a concentrated single-stock position and that Merrill Lynch engaged in self-dealing by causing her to enter into a complex, costly and unsuitable liquidity contract (variable prepaid forward). Dr. McCann testified on behalf of the Claimant.

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Piscevich et al v Associated Securities - $450,000 Asset Allocation Award

In July 2007, an NASD arbitration panel in Reno, NV ordered Associated Securities and Patricia Meidell to pay $460,000 in damages after a hearing wherein the Claimants alleged Respondents breached contractual and fiduciary duties and failed to suitably diversify Claimants' account. Dr. McCann testified on behalf of the Claimants.

Schunmann v Donald Sowa - Misrepresentation $314,000 Award

In April 2007 an NASD Arbitration panel in Hartford, CT ordered Donald Sowa, an RIA, to pay Mr. and Mrs. Schunmann compensatory damages of $314,000. Dr. O'Neal testified that the RIA misrepresented and completely misunderstood the risk of the Schunmann's portfolio.

Almquist et al v Merrill Lynch - $1.5 Million Award

In February 2007, an NASD arbitration panel in Seattle, WA ordered Merrill Lynch to pay $1.5 Million to a couple after a hearing wherein the Claimants alleged Merrill Lynch breached contractual and fiduciary duties and failed to make suitable recommendations to diversify their account.

Nolan v Merrill Lynch - $1.775 Million Concentration Award

In October 2006, an NASD arbitration panel in San Francisco, CA ordered Merrill Lynch to pay $1.775 Million to a Claimant. Claimant alleged that Merrill Lynch failed to provide suitable recommendations for hedging or diversifying a concentrated Dell stock position during and after a lockup period. Dr. McCann testified on behalf of the Claimants.

Cherry et al v Raymond James Annuity - $577,000 Award

In October 2006, an NASD arbitration panel in Birmingham, AL ordered Raymond James to pay seven Claimants $577,000 in out of pocket losses plus attorneys' fees, expert witness fees and interest over the sale of annuities into IRA rollovers.

Bouse et al v Wedbush Morgan Securities, Inc. - $3.8 Million CMO Award

In May 2006, an NASD arbitration panel in Los Angeles, CA ordered Wedbush to pay 22 clients of its Newport Beach branch and their attorneys $3.8 Million. Wedbush sold Claimants lower tranche manufactured housing CMOs as good substitutes for bank CDs, suitable for "widows and orphans." Dr. McCann testified that the CMO's were highly speculative and not suitable for risk adverse bond investors. He also testified that this failure to make complete and accurate disclosures was a breach of the fiduciary duty owed to brokerage firm customers.

Yellen et al v Citigroup Global Markets (SSB) - $536,500 Award

In May 2006, an NASD arbitration panel in Tampa, FL ordered Citigroup to pay Barry Yellen and his advisory clients $462,500 in compensatory damages, plus at least $74,000 in prejudgment interest. Dr. McCann testified that Jack Grubman manipulated his valuation methodologies to double his valuation on WorldCom in the face of deteriorating fundamentals at WorldCom.

Stockhausen v Citigroup Global Markets (SSB), Jack Grubman - $452,363 Award

In May 2006, an NASD arbitration panel in Chicago, IL ordered Citigroup to pay Joseph and Karen Stockhausen $325,000 in compensatory damages, $97,500 in attorneys' fees and $29,863.64 in costs. Dr. McCann testified that the exercise and hold strategy for handling non-qualified stock options is almost always unsuitable, that Jack Grubman manipulated his valuation methodologies to double his valuation on WorldCom in the face of deteriorating fundamentals at WorldCom and that the Stockhausens suffered $325,000 in market adjusted losses.

Carruthers v Citigroup Global Markets (SSB) - $900,000 Award

In February 2006, an NASD arbitration panel in Cleveland, OH ordered Citigroup to pay Suzanne and Joseph Carruthers $900,000. The Carruthers had alleged that SSB provided flawed and biased proposals designed to influence them to choose a more risky asset mix than they would have chosen had SSB made a full and balanced proposal. Dr. McCann testified that SSB's Consulting Group investment presentations were incomplete and biased. He also testified that the Carruthers suffered $900,000 in damages measured against a balanced portfolio of 60% stocks and 40% bonds.

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