Smith Barney, a division of Citigroup just took an arbitration award "on the chin "to the tune of $54.1 million, including $17 million in punitive damages. The decision[award] was notable for several reasons. First, the investors were wealthy and assumed to be sophisticated. Secondly, the arbitrator rejected " the old you were warned in the prospectus defense". Lastly, the investment "which went south " , on it's face appeared to be a very conservative investment.
Maybe, this will be a major chink in the armor of "wall street's excessive fees, churning, conflicts of interest and we get rich and the customer gets fuc__d mode of operation.
Interesting, apparently the attorney out of Beverly Hills who represented plaintiffs has won 16 straight! More to come.
Your thoughts?
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