Raymond James Stuck With $1,000,000 Award

A FINRA arbitration panel in Raleigh, North Carolina awarded four Claimants $1,000,000 in compensatory damages. The Claimants asserted that their claims for breach of fiduciary duty, unsuitability and failure to supervise were related to stock investments in two car dealerships, Williamson Mazda and Wallace Friendly Ford.

The panel concluded that Raymond James was liable and ordered them to pay $250,000 to each of the four Claimants, for a total of $1,000,000 in compensatory damages. The $16,800 in forum fees were split equally between the four Claimants and Raymond James, with both sides paying $8,400. (FINRA# 09-00137; Wayne Welsher and Patty Welsher et al v. Raymond James & Associates, Inc)

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