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Displaying 81-90 out of 143 results

Maybank v BB&T et al - $17.2 Million Variable Prepaid Forward VPF Award

On November 10, 2014, a State Court in Greenville, SC ordered BB&T to pay the Plaintiff $17.2 Million over the Bank's recommendation and sale of two variable prepaid forward contracts. This amount reflected $3.1 Million in actual damages and $5 Million in punitive damages awarded by the jury on June 30, 2014 after a two week trial. The Court found the Defendants' conduct in violation of the Unfair Trade Practices Act was "knowing and willful" and "reprehensible" and "that Defendants acted with malice, trickery, or deceit rather than mere accident," trebled actual damages to $9.3 Million and awarded $3 Million in attorneys' fees and costs. Dr. McCann testified at the hearing that the VPFs were high cost, opaque and not properly characterized in the presentations and provided testimony which the Court found fully supported the jury's award of damages.

State of Illinois v. Richard Van Dyke - $353,500 Fined for Fraudulent Annuity Sales Practices

In April 2014, Illinois Secretary of State Jesse White revoked the investment adviser and investment adviser representative registrations of Richard Lee Van Dyke, who was doing business as Dick Van Dyke Registered Investment Adviser. Additionally, Van Dyke was fined $330,000 and ordered to pay costs of investigation and expert witness fees of $23,500. Van Dyke's registrations were revoked because he defrauded 21 of his clients who were all senior citizens. Dr. O'Neal testified that the advice to surrender existing annuities and purchase new annuities was unsuitable for Van Dyke's clients.

Dulin v UBS - $5.4 Million Intentional Interference Award

In April 2014, an arbitration panel in Phoenix, AZ ordered UBS Financial Services to pay its former broker $4 Million compensatory, $1 Million punitive damages, $250,000 attorneys' fees, $85,000 in costs, $50,000 plus in arbitration fees. Punitive damages were based on injurious falsehood and the Panel specifically stated that as Lehman feel apart, UBS did not properly apprise Financial Advisers. The Panel also expunged all 39 cases and ruled that if, for some reason a court does not approve the expungement, then the broker will get another $4 Million in compensatory damages. Dr. McCann testified at the final hearing on behalf of the broker.

Umstead v National Planning Group - $290,000 Asset Allocation & Concentration Award

In December 2013, an FINRA arbitration panel in Philadelphia, PA ordered National Planning Group to pay Claimants $290,000 including costs and prejudgment interest. Dr. McCann testified that the securities portfolio was poorly diversified and the heavy use of short call options in the portfolio substantially increased the risk beyond what was appropriate for the Claimants.

Lewis v Wells Fargo Advisors $355,000 Asset Allocation & Concentration Award

In December 2013, an FINRA arbitration panel in Philadelphia, PA ordered Wells Fargo Advisors to pay Claimants $355,000 including prejudgment interest. Dr. McCann testified that the securities portfolio was poorly diversified, being concentrated in real-estate and energy related stocks and funds.

Auto City Service v JP Morgan - $2.4 Million Interest Rate Swap Award

In November 2013, a FINRA panel in Detroit, MI ordered JP Morgan to pay the Claimant $2.4 Million in compensatory damages, prejudgment interest, costs and attorneys' fees after a hearing in which Claimant alleged breach of contract and breach of fiduciary duties. Dr. McCann testified on behalf of the Claimant.

Farah v Wedbush Morgan Securities, Inc. - $4.3 Million CMO-related Labor Award

In September 2013, an FINRA arbitration panel in Los Angeles, CA ordered Wedbush to pay a former broker and his attorneys $4.3 Million including $1,334,387 for lost income, $1,439,555.50 in punitive damages, $1,472.005.79 in attorneys' fees, $18,500 in expert witness fees and $21,674.25 in other costs. Wedbush provided lower tranche manufactured housing CMOs to the broker for sale to his clients as good substitutes for bank CDs, suitable for "widows and orphans" back in 2001 and 2002. After losses in these private label CMOs, dozens of clients filed arbitrations against Wedbush. Dr. McCann testified in the underlying customer arbitrations and again in this recent labor case, 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.

Odessa Fireman's Relief & Retirement Fund v Morgan Keegan - $399,566 (RMA, RHY) Award

In September 2013, a FINRA arbitration panel in Dallas, Texas ordered Morgan Keegan to pay $399,566 in compensatory damages in connection with Morgan Keegan's sale of the RMK Advantage Income Fund (RMA) and RMK Mult-Sector High Income Fund (RHY). Dr. O'Neal testified on behalf of the Claimants.

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.

143 Results

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