Prudential & Wachovia Hammered In Mississippi For $2 Million

The award was composed of $1,453,400 in compensatory damages, $481,000 in attorneys’ fees, $145,300 in punitive damages and $26,675 in forum fees for the arbitration. (FINRA# 07-01716; Bill Allen, et al. v. Harbor Financial Services, LLC, Morgan Stanley DW, Inc., Prudential Equity Group, LLC and Wachovia Securities, LLC)

The Jackson Mississippi FINRA arbitration panel awarded a group of investors $2 million on November 12, 2010. According to the award, the Claimants asserted causes of action which included unauthorized transactions, unsuitable recommendations, grossly negligent failures to supervise, selling away, gross misrepresentations and omissions, churning, etc., as they related to private investments in automobile loans, condominiums, real estate, stock and mutual funds. Apparently the panel felt that the firms had committed some egregious behavior to warrant the assessment of punitive damages.

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