January 4, 2010
FINRA Arbitration Panel Awards Punitive Damages Based on Elder AbuseArbitration 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.
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