Monday, January 4, 2010
Arbitration awards against online discount brokerage firms are rare, as are punitive damages in general and punitive damages based on elder abuse. Yet Investment News reports that a FINRA arbitration panel in California awarded $320,000 in compensatory damages and $960,000 in punitive damages, citing elder abuse. The claimant was a 95-year old investor who alleged that brokers coerced him into unsuitable trades. InvNews, Discount broker slapped with triple damages in rare elder abuse award.