Tag:
arbitration
Latest Headlines
Latest Headlines
Citigroup loses big in arbitration
Citigroup's ( NYSE: C ) Smith Barney has suffered the biggest loss ever in a FINRA securities arbitration case. Two investors, apparently neighbors, were awarded a total of $54.1 million, the New York Times reports.
What could a broker possibly do to merit that kind of an award? The two
FINRA backs option for arbitration panels without Wall Street rep
Bloomberg notes something interesting and unexpected when it comes to recent arbitration awards. A FINRA pilot program with 14 brokerage firms called for aggrieved customers to have the option to have their case heard by a panel with or without a representative from the financial services indu
FINRA hits Citi for muni-bond funds
Citi ( NYSE: C ) has been hit with a FINRA ( FINRA news) arbitration ruling requiring it to pay two investors $1.8 million for losses they suffered in muni-bond hedge funds offered by Citigroup's Global Markets and Citi Alternative Investments. The issue is whether a flood of similar awards a
Citi exec wants his pay
Does this intimate a slew of similar actions? Kevin Kessinger, one-time head of technology at Citi ( C ), has gone to arbitration to get his multi-million dollar severance package paid. It's unclear how much he is owed. What is known is that his severance pay was halted by the bank in the wake o
Broker-raid arbitration, a harbinger
We've seen lot of competition for financial advisors as of late, with most of the action focusing on independents or smaller brokerages recruiting from the wirehouses. Wells Fargo ( WFC ) inherited an arbitration case brought by Wachovia's AG Edwards against tiny Stifel, Nicolaus & Co., whic
JPMorgan Chase drops arbitration clause
Consumer advocates have long excoriated the arbitration process as one skewed toward banks. But now banks are dropping the requirements for all customers with credit card disputes. JPMorgan announced its move after settling a large suit. The banks were under a bit of political pressure to do this.
Bear Stearns arbitration causing headaches?
The trial of former Bear Stearns hedge-fund managers Ralph Cioffi and Matthew Tannin is set to begin in Brooklyn in September. It will be a huge media event, and in some ways--fairly or not--it will be a trial of all that went wrong on Wall Street.
But Fortune notes there's a wrench in the
Ex-Citi hedge fund manager blames firm
John Pickett, who ran a Citigroup hedge fund from 1999 until his resignation in December, has filed a sealed arbitration-like complaint in London. In it, he has some choice accusations against his former employer, notes FINalternatives . Pickett claims Citi's John Havens, who now runs Citi'
A way to end the auction rates securities mess?
It's so easy to forget about the auction rate securities mess. But the fact remains that more than $300 billion remains tied up in this near-frozen market. Issuers, lots of municipalities and nonprofits cannot forget about any of this. A New York Times column notes that Wall Street firms have
