Minneapolis-based brokerage John G. Kinnard & Co. was awarded a record 16.5 million dollars by a three-person NASD arbitration panel in December in a case that accused Dain Rauscher of a premeditated raid of Kinnard employees.According to the...
If you think investor expectations about account performance are unrealistic now, just wait a few years, says Merrill Lynch vice chairman Launny Steffens. You ain't seen nothin' yet."Without understanding what the appropriate benchmarks are, many...
Merrill Lynch has revamped its account-distribution policy as part of its settlement of a class-action sex discrimination lawsuit. The new policy establishes six criteria to determine which brokers are eligible for account distributions.A January...
Edward Jones has set up eight individual offices in affluent communities in outlining areas of England with investment representatives transferred from the United States.The reps, who gave up established businesses in the states, have signed on...
Anyone remember when firms were partnerships?"Sure, there was a time when they didn't allow corporations in this industry," remembers James Bradford Jr., senior partner with Nashville, Tenn.-based J.C. Bradford & Co. "Merrill Lynch was once a...
Less than three years ago, as the new millennium drew near, many firms were anticipating a year 2000 marketing push. For evidence, see our "Millennium Marketing" article in the September 1997 issue. The industry hoped the then-reluctant-to-invest...
Merrill Lynch continues to turn up the heat on brokers who leave.In a recently released case, a three-member NASD arbitration panel decided in August to prohibit former Merrill rep Jeffrey Bass "from soliciting, directly or indirectly, any client"...
As the NASD prepares to spin off Nasdaq, some member firms are criticizing the deal.NASD members have been informed that Salomon Smith Barney is working as an adviser on the transaction. But how SSB was chosen and how an initial valuation of 1...
Two former Prudential Insurance compliance officers were awarded 750,000 dollars each by a three-person arbitration panel this past July in a case alleging a cover-up of insurance sales practice abuses. The plaintiffs claimed they were fired for...
The acrimony in Salomon Smith Barney's "boom boom room" suit continues.In late November, the firm sent to 1,850 women proposed settlement offers ranging from 1,000 dollars to the low six figures, according to Mary Stowell of Stowell & Friedman...
