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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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Jenkins v Crowell Weedon - $51,807 Preferred Stock Award

In February 2012 a FINRA panel in Los Angeles awarded Claimant $51,807 in compensatory damages, the full amount sought. The award was made after a hearing in which the Claimant alleged that the broker's professional obligation to assist clients in setting proper investment objectives and risk tolerance was improper. Mr. Meyer testified on behalf of the Claimant as to the unfavorable risk/return characteristics of preferred stocks and their unsuitability for most retail investors.

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

Perry v Oppenheimer - $6.1 Million ARS Award

In January 2012, a FINRA arbitration panel in New York, NY ordered Oppenheimer to pay Claimants $6.1 Million including $134,108 in attorneys' fees over the sale of auction rate securities. The award was made after a hearing wherein the Claimants alleged that Respondents failed to supervise, breached contractual and fiduciary duties and misrepresented the ARS. Dr. O'Neal testified on behalf of the Claimants.

Callas Foundation, Inc. v Morgan Keegan - $265,000 (RMA, RHY) Award

In January 2012, a FINRA arbitration panel in Atlanta, GA ordered Morgan Keegan to pay Claimants $231,337 in compensatory damages plus interest at the rate of 7% accruing from November 15, 2009 until the date of payment in connection with Morgan Keegan's sale of the RMK Advantage Income Fund (RMA) and RMK Multi-Sector High Income Fund (RHY). Dr. O'Neal testified on behalf of Claimants.

Puglisi v Citigroup - $750,000 MAT Five Award

In November 2011, a FINRA arbitration panel in Newark, NJ ordered Citigroup to pay Claimant $706,759 plus pre-judgment interest over the sale of Citigroup's MAT Five leveraged municipal bond hedge fund. 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.

Pelican Holdings et al v Morgan Keegan - $889,340 (MKIBX, RMA) Award

In November 2011, a FINRA arbitration panel in Memphis, TN ordered Morgan Keegan to pay Claimants $889,340 in connection with Morgan Keegan's sale of the RMK Select Intermediate Fund (MKIBX) and the RMK Advantage Income Fund (RMA). Dr. O'Neal testified on behalf of Claimants.

Lett et al v Wells Fargo Advisors, LLC - $130,000 Suitability Award

In November 2011 a FINRA panel in Atlanta awarded Claimant compensatory damages of $130,000. Mr. Meyer testified about the excessive risk in the Claimant's securities, resulting in an unsuitable portfolio. In an explained award, the panel stated that "in choosing high-return securities for the account, with their attendant risk," Respondent Wells Fargo Advisors recommended an "unsuitable investment portfolio" to Claimant.

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.

Christian Brothers University v Morgan Keegan - $500,000 (MKHIX) Award

In September 2011, a FINRA arbitration panel in Memphis, TN ordered Morgan Keegan to pay the Christian Brothers University Endowment Fund $432,061 plus interest in connection with Morgan Keegan's sale of the RMK Select High Income Fund (MKHIX). Dr. O'Neal testified on behalf of the Christian Brothers University.

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