The Firm regularly handles complex legal matters for an impressive clientele, both domestic and international, private as well as publicly owned. The following is a partial listing of the Firm’s current and historical endeavors:
We have handled hundreds of FINRA arbitrations and related cases for broker-dealers, registered representatives, investment advisors and public investors. While most of those cases ultimately are settled at the mediation stage, we have extensive experience litigating and arbitrating these cases. This is a representative sampling of the awards we have obtained for our clients:
$320,000.00 - Bradford Underdahl v. Morgan Stanley, FINRA Case No. 11-03247. We represented a former Morgan Stanley broker who asserted claims against Morgan Stanley for breach of contract and violation of the California Labor Code. One of his complaints was that he paid a portion of his sales assistant’s salary which we alleged should have been paid for by Morgan Stanley.
Dismissal before hearings of entire FINRA case against our broker-dealer client - Lieberman v. Financial Northeastern Securities, Inc., FINRA No. 10-00231. We obtained dismissal before hearings of all claims against our broker-dealer client brought by a former client who alleged she suffered losses based on unsuitable investments. The decision was unusual since it is very difficult, and very rare to have FINRA cases dismissed before hearings.
$4,965,016.54 - Todd G. Vitale and John P. Paladino v. Morgan Stanley, FINRA Case No. 11-01633. We represented two former Morgan Stanley brokers who were hired by Morgan Stanley under false pretenses and broken promises. This was the largest broker/firm dispute award of the year.
$622,250.00 - Donald H. Brown v. Fidelity Brokerage Services LLC, FINRA Case No. 10-05727. Our firm represented an elderly widower who claimed Fidelity erroneously opened what should have been a joint account with right of survivorship as a co-tenancy account which caused substantial estate tax and other problems for our client.
$334,000.00 - Stanley Kramer, et al. v. CapWest Secuirites, Inc., et al., FINRA No. 09-05581. We represented an elderly widow who claimed she was induced to invest in a failed TIC (Tenants in Common) 1031 tax free exchange.
Case Dismissed for our Brokerage Firm Client and All Costs Recovered - Gina Coco, et al. v. Cetera Financial Group, Inc., successor in interest to ING Brokers Network, et al., Los Angeles Superior Court Case No. YC063454. We successfully defended and obtained the full dismissal before trial of a multi-million breach of contract claim against our broker-dealer client. We also recovered over $24,000.00 in taxable costs for our client. A complete vindication and victory for our client, Cetera Financial Group.
$275,000.00 - Lois H. Lovins v. UBS Financial Services, Inc., FINRA Case No. 09-00593. We represented a former UBS broker whom we alleged UBS wrongly terminated when she was physically incapacitated and denied certain benefits to which she was entitled.
$1,800,000.00 - Ronald W. May and Kathryn R. Chapman vs. LPL, FINRA Case No. 07-02717. We represented two orphans who lost their entire inheritance when their long time family friend and trustee, an LPL broker, stole all of their inheritance. The award included interest and legal fees to make our clients whole.
$450,000.00 - Brenda Exline v. ABD Financial Services, et al., NASD Case No. 04-03461. We represented a young, successful businesswoman who suffered a substantial loss of her savings based on the allegedly self-interested and negligent advice of her trusted financial advisor.
$750,000.00 - Joyce S. Douglas 1998 Revocable Trust v. Morgan Stanley DW, Inc., NYSE Case No. 2003-011292. We represented an elderly, mentally incapacitated woman who we alleged suffered a substantial loss of her life savings at the hands of a negligent Morgan Stanley broker who decimated her savings at his and the firm’s benefit.
$153,500.00 - Gertrude Goldstein Revocable Trust v. American Skandia, et al., NASD Case No. 03-03319. We helped our client, a 93 year old widow, recover losses she sustained on purchasing an unsuitable life insurance annuity from American Skandia. The evidence at hearings showed the broker had forged a beneficiary’s signature. We recovered all of our client’s losses.
$167,896.00 - Hae Sim Lee, et al. v. Charles Schwab, NASD Case No. 01-00947. We recovered losses sustained by a Korean client who we alleged was taken advantage of by a fellow Korean Charles Schwab broker who deceived her as to the amount of gains, and losses, she sustained in her account.
$450,000.00 - Vito Colonna, et al. v. Merrill Lynch, et al., NASD Case No. 99-05049. We recovered losses incurred by our Ohio client who we claimed was induced to switch his entire portfolio from U.S. treasuries to a handful of speculative, foreign telecommunications stocks at the direction and advice of his Merrill Lynch broker.
$456,873.00 - Duane E. Townsend, M.D., v. Robert John Johnson, Jr., et al., NASD Case No. 98-04099. We recovered substantial losses incurred by our client who claimed he was induced to make unsuitable, speculative investments in his RIA by his long time, trusted advisor.
$426,160.00 - Ray Neufeld, et al. v. Maurice Arthur Gross, et al., NASD Case No. 99-02210. We helped our clients recover losses they sustained arising out of unsuitable investment advice they received from their trusted financial advisor.
Dismissal of all claims against our broker-dealer client and recovery of $122,359.00 in legal fees and costs - Financial Northeastern Securities, Inc. v. Norman Steel, et al., NASD Case No. 94-04965. We successful defended our broker-dealer client in a case against it by a sophisticated Michigan builder who purchased app. $10 million of CDO’s (collateralized debt obligations) and who then alleged the investments were unsuitable. We were able to prove to the panel that the investor was highly sophisticated; understood the nature of the investments and the inherent risks. Not only were all claims against our client dismissed, but we recovered over $120,000 of legal fees and costs that our client incurred in defending itself.
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The cases and results described above are not intended to constitute and shall not be construed as a guarantee, warranty or prediction regarding the outcome of a potential legal claim. Every case is different, and the outcome of a particular case will depend on a number of factors and circumstances unique to that particular legal matter.