A securities-industry arbitration panel has awarded $22 million to a group of Exxon Mobil retirees who accused brokerage firm Securities America of improperly steering them into high-risk investments. The award includes some $11.6 million in compensatory damages, $3.5 million in punitive damages and $4.7 million in attorney fees, and is said by experts to be one of the largest of its kind ever levied against a brokerage firm. Securities America says it will appeal the ruling.
May 18, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A securities-industry arbitration panel has awarded $22 million to a group of Exxon Mobil Corp. retirees who accused brokerage firm Securities America Inc. of improperly steering them into high-risk investments between 1996 and mid-2003.
The three-member panel of the National Association of Securities Dealers, the brokerage industry’s self-policing organization, made the award Monday against Securities America, a subsidiary of Ameriprise Financial Inc.
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