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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
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- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
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- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
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- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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Five Largest Arbitration Awards Ever
April 25, 2011
The $54.1 million arbitration judgment against Citigroup was not the largest ever levied against a major Wall Street brokerage firm favor of individual investors. That distinction goes to Credit Suisse, which was ordered to pay $406.6 million. By the way, Citi's $54.1mn award included $17mn in punitive damages and $3mn in legal fees.
Here's the top five of all time against major brokerages:
- Credit Suisse ($406.6mn). STMicroelectronics won the award in 2009, related to its investment in auction-rate securities.
- UBS ($80.8mn). Kajeet, Inc. won the award in 2010, also related to its investment in auction-rate securities.
- Citigroup/Smith Barney ($54.1mn). Gerald Hosier and Jerry Murdock, Jr., won their awards in 2011, related to their investments in leveraged municipal bond funds.
- Merrill Lynch ($30/6mn). Masonic Hall Trustees won their award in 2009, related to their investment in a managed futures fund.
- Kidder Peabody ($21.5mn). Springfield & Clark County Hospital won its award in 1998, related to its investment in mortgage derivatives.
[WSJournal, 4/13]
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