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Registered Rep.
April 27, 2010
Halah Touryalai |
Judge Says Citi Brokers Must Repay Bonuses; Appeal Comes Next Former Citigroup brokers, who wanted courts to dismiss debts the firm said they owed on loans awarded when they were hired, were turned down by a district court judge. But they are planning to appeal that decision.   |
Registered Rep.
February 11, 2010
Halah Touryalai |
Victory For Broker in Citi Bonus Repayment Case A former Citi broker doesn't have to pay back the full amount owed on his sign-on bonus, a FINRA arbitration panel rules. |
Registered Rep.
January 13, 2010
Halah Touryalai |
Citi Files Motion To Dismiss In Bonus Pay Class Action The original lawsuit was brought on behalf of 6 former Citigroup brokers who allege that the payback terms on their upfront bonuses violate contract law, and that they do not owe the firm any money. |
Registered Rep.
March 3, 2006
Halah Tourylai |
Third Wirehouse Coughs Up Millions In Overtime Cases Yesterday, Morgan Stanley became the third wirehouse, after Merrill Lynch and UBS, to settle class action suits with California brokers over overtime pay in the past seven months -- the second in three weeks. |
On Wall Street
November 1, 2011
Lorie Konish |
A Foreign Investor Fights To Go To FINRA Arbitration A federal lawsuit recently filed by Citigroup Global Markets Inc. against a set of Saudi family investors with a $383 million claim against the firm will determine whether that case can proceed to arbitration. |
Registered Rep.
July 27, 2010
Halah Touryalai |
Overtime Suits Resurface, This Time for Independent Reps On July 22, Mark Thierman, a labor lawyer in Reno, Nevada, filed a complaint against LPL Financial for violating New York State overtime laws by not paying its reps overtime wages. |
Registered Rep.
September 1, 2005
Kristen French |
Ready to Punch a Time Clock Merrill Lynch paid $37 million to settle claims that it owes thousands of former brokers overtime pay. Now, class-action attorneys smell blood. |
On Wall Street
August 1, 2009
Helen Kearney |
Death Knell for Mandatory Arbitration The meltdown on Wall Street, along with the raft of Ponzi schemes, have created a renewed regulatory zeal on the part of the government towards financial advisors. This all begs a major question: Is this the end of mandatory arbitration? |
On Wall Street
September 1, 2010
Mark Astarita |
Denying Advisors A Legal Forum As part of the Dodd-Frank Wall Street Reform Act, Congress has given the SEC the authority to prohibit or impose conditions upon the use of pre-dispute arbitration agreements by brokerage firms and federally registered investment advisors. |
Registered Rep.
July 1, 2006
Halah Touryalai |
Ready to Punch the Clock? Most registered reps compare themselves to professionals, such as doctors and lawyers. However, it seems that according to an interpretation of federal law, financial advisors may be held to the same labor law standards as an hourly employee. |
Registered Rep.
October 17, 2011
Patrick J. Burns |
Don't Ignore That Promissory Note One of the trickiest components when it comes to a broker's departure from a wirehouse firm is how to handle the promissory note. |
Registered Rep.
February 19, 2010
Christina Mucciolo |
FINRA Seeks to Expand BrokerCheck, Make Some Records Permanent The Financial Industry Regulatory Authority announced it is seeking the SEC's approval to expand the amount of information made public on current and former brokers' permanent records in its free online CRD database, BrokerCheck. |
Registered Rep.
January 27, 2012
Kristen French |
Due Diligence: FINRA's Merrill Fine is a Tap on the Wrist This week, FINRA fined Merrill Lynch $1 million for making it hard for former brokers of the firm to fight back in bonus disputes. |
Registered Rep.
May 1, 2006
Halah Touryalai |
Wall Street Wage Fight An activist labor lawyer's allegations, if correct, raise serious issues on compensation practices at financial institutions. By applying a landmark, Depression-era labor law to the brokerage business, he has settled class-action suits against two wirehouse firms in California already. |
Registered Rep.
August 8, 2006
Halah Touryalai |
A.G. Edwards' Challenge to OT Pay Fails Are registered reps hourly employees and, therefore, entitled to overtime? The overtime-pay case keeps getting stronger. A California court announced that it would not dismiss an overtime-pay case brought against A.G. Edwards. |
Registered Rep.
August 13, 2009
Halah Touryalai |
Former Citi Broker Sues Over Forgivable Loan Repayment An Ohio-based financial advisor is asking Smith Barney to forget about that loan he owes them which stems from a sign-on bonus. |
Financial Planning
June 1, 2013
Miriam Rozen |
How to Hire a Good Lawyer Finding the right attorney requires research, time, thought - and sometimes a dose of bravery. |
Registered Rep.
September 14, 2005
Kristen French |
Overtime Pay, Chargebacks Under Fire; Morgan Stanley Latest Firm in Lawyers' Sights A $450 million class-action lawsuit filed in New York against Morgan Stanley on Friday could have major implications for brokerages' pay practices in the state. |
Registered Rep.
November 29, 2006
Halah Touryalai |
Merrill Lynch to Pay National Overtime Settlement The financial firm has decided to consolidate the numerous overtime lawsuits that have been filed against the firm and settle nationally with its brokers. |
Registered Rep.
October 4, 2006
John Churchill |
Citigroup Wins Long, Strange CAP Battle After going two for three in a unique tug of war involving both the arbitration and court systems, former Smith Barney broker James McCarthy is likely throwing in the towel in his three-year fight for the money left in his deferred-compensation plan. |
Registered Rep.
January 27, 2004
John Churchill |
New Rule Makes Clearing Your Record Harder Brokers can expect a new rule that will make removing customer complaints and disciplinary actions from their public records much more difficult. |
Registered Rep.
September 25, 2007
Karen Donovan |
Expunging Customer Complaints Is Too Easy . . . So Say Client Lawyers The lobbying group of lawyers who represent customers in disputes with their brokers is calling on FINRA and the SEC to "immediately halt" the practice that allows arbitration panels to expunge customer complaints from a rep's record. |
Registered Rep.
October 1, 2002
Rick Weinberg |
Brokers Fear Arbitration... With arbitration cases on the rise, many brokers are worried about the prospect of being dragged through a legal process that, because of the current environment, some believe is heavily slanted toward the client. |
Investment Advisor
September 2009
Thomas D. Giachetti |
Expert's Corner: It Beats Getting Sued What every investment advisor should know about securities arbitration. |
On Wall Street
November 1, 2008
Alan J Foxman |
Caught in the Middle In an arbitration lawsuit one advisor was named as respondent, one wasn't -- and now both have problems to deal with. |
On Wall Street
September 1, 2008
Alan J Foxman |
Court or Arbitration Sexual harassment claims can go to court under FINRA's rules, but some employment contracts call for arbitration... If I leave my firm can they get an injunction preventing me from taking my clients? Can this go to arbitration? |
Registered Rep.
August 1, 2006
Gary Weiss |
Institutionalized Unfairness Here the author of Wall Street Versus America discusses how the mandatory arbitration of customer disputes must be made to go away. And not just because it hurts financial advisory customers. It hurts the financial advisor equally. |
BusinessWeek
October 1, 2007
Michael Orey |
Wage Wars Workers - from truck drivers to stockbrokers - are winning huge overtime lawsuits. |
Investment Advisor
July 2006
Kathleen M. McBride |
B/d Briefing: Two Faces of Wall Street Few financial professionals expect to work a 40-hour week on Wall Street. So it was surprising to see the extent of rep participation in class-action lawsuits over broker overtime, and the astounding settlements that have been awarded. |
BusinessWeek
August 13, 2007
Lewis Braham |
Want To Take On Your Broker? Investors' odds have shrunk in recent years. Even if you win, don't expect a windfall. |
Registered Rep.
January 8, 2009 |
Motion To Dismiss In Arbitration? Not So Fast. Firms and advisors facing disputes in arbitration will have a tougher time getting the case dismissed thanks to a new dispute resolution rule, FINRA announced today. |
Registered Rep.
April 29, 2008 |
Citi Hedge Fund Blow Up Hurts Clients--And Sends Advisors Packing While Smith Barney tries its darnedest to hold on to the money of its wealthy clients, it's also having a hard time keeping some of its best brokers. |
BusinessWeek
August 16, 2004
Emily Thornton |
The Brokers Strike Back Wall Street to investors: Beware of suing your brokers -- they might just sue you back. |
Registered Rep.
February 22, 2006
Halah Touryalai |
Brokers Headed for Sweep in Overtime Pay Cases? Stockbrokers have won their second big overtime pay case against Wall Street firms and this may only be the beginning of a rout that could cost brokerage houses many millions of dollars more. |
InternetNews
December 8, 2008
Judy Mottl |
AT&T, Apple Want iPhone 3G Suit Dismissed AT&T and Apple ask New York court to push the lawsuit into arbitration. |
On Wall Street
November 1, 2009
Thomas Lewis |
It's Payback Time on Promissory Notes Firms have been fighting back against defecting advisors. Increasingly one of the most effective weapons in their arsenal is the enforcement of promissory notes. |
Registered Rep.
April 1, 2008
John Churchill |
The Failure Chain Consider the curious and rather grotesque case of Gary J. Gross, a financial advisor from Boca Raton, Fla. Gross' U4 is close to 100 pages long, and lists 35 customer complaints. |
Registered Rep.
April 1, 2006
Mindy Diamond |
On the Rebound Big firms are sending low-producing brokers messages that they are no longer as wanted as they once were. Brokers who see the handwriting on the wall, may have better options if they jump to another firm before being pushed. |
Registered Rep.
December 22, 2006
Halah Touryalai |
Spitzer Wants More Settlement Dollars for New York UBS Reps New York Attorney General and Governor-elect Eliot Spitzer is asking a Northern California court to disapprove the settlement terms of an overtime suit against UBS. |
Registered Rep.
March 1, 2003
David A. Geracioti |
In the Crosshairs An army of lawyers are about ready to file suits on behalf of aggrieved retail investors who claim to have lost money because of the conflict-of-interest scandal. |
BusinessWeek
June 22, 2011
Greg Stohr |
Wal-Mart Case: Another Loss for Trial Lawyers The Supreme Court's ruling is the latest in a series of decisions that make it clear the justices aim to curb mass litigation. |
On Wall Street
April 1, 2013
Alan J. Foxman |
Debunking Arbitration Rules Our legal expert discusses whether brokerage firms have to report arbitration actions against them. |
Inc.
June 2005
Dimitra Kessenides |
Can't We All Get Along? As litigation costs rise, more businesses turn to arbitration. |
Registered Rep.
August 16, 2006
Karen Donovan |
Put It in Writing: Investors Want Arbitrators to Explain Their Awards Lawyers who represent investors in securities arbitrations hope that a proposed NASD rule -- which would give them the option of demanding written explanations from arbitration panels that hear their disputes against brokerage houses -- will take effect soon. |
Registered Rep.
November 1, 2002
Carol X. Vinzant |
Law & Order: Client-Broker Disputes The last couple of years have been hell on anyone who owns stock. And someone must pay. Rightly or wrongly, that person typically is the broker. |
Registered Rep.
October 1, 2002
Ross Tucker |
Payback Time During the heady days of the bull market brokers found themselves lured to other firms by big upfront bonuses, in the form of forgivable loans. Unable to maintain prior production rates under worsening market conditions, many have lost their jobs and their clients. Now their firms want to collect on those loans. |
Registered Rep.
January 29, 2008
Kristen French |
Fuss Over Broker Expungement Continues The Public Investors Arbitration Bar Association recommends that the SEC and FINRA halt expungements, after a study finds that 98 percent of brokers seeking expungement in 2006 from an arbitrator got one. |
On Wall Street
December 1, 2010
Alan J. Foxman |
When FINRA Intervenes Even non-member firms (such as registered investment advisors) can voluntarily agree to use either FINRA's arbitration or mediation services. |
On Wall Street
September 1, 2010
Alan J. Foxman |
Ponzi Schemes And Problems Paying Fines Q&A: What does it mean for advisors that records are now available to the general public online?... How will arbitration payments I must make but cannot afford right now affect my license?... more... |
Registered Rep.
February 26, 2008
David Geracioti |
The Arbitration Debate Continues A new study suggests that unless you work on Wall Street, you probably don't think arbitration is very fair. |
