Contrary to published reports, the NASD is denying that its hotly contested proposal to cap punitive damages was "sent back" by the SEC for revision. The self-regulator further dismisses speculation that it intended to withdraw the plan in the...
Beginning in July, Prudential Securities will be tacking on a $50 annual account fee for a basic securities account. And the charge isn't sitting well with brokers."This is ridiculous," one senior Prudential broker says. "They just want everyone...
Salomon Smith Barney brokers like the Citicorp merger with their parent company, Travelers. The key reason: Their Traveler's stock jumped on the news."I made $500,000 on Monday," the day the deal was announced, says one West Coast rep at the firm...
Mutual fund companies have become major players in the defined-contribution market, accounting for about one-third of total assets, yet fund industry officials express frustration over lax disclosure rules in the 401(k) arena."Common sense and...
A former Merrill Lynch broker is suing the firm and a former client over what he alleges was a "frivolous" complaint settled without his notice or consent.Joe P. Montgomery, now of Lake Jackson, Texas, was once a rookie in the Tucson, Ariz....
Attorney Jeffrey Liddle of New York, who represents Minneapolis broker T. Sheridan O'Keefe in a long-running wrongful termination case against Piper Jaffray, claims that a recently produced internal Piper document proves the firm fired his client...
Merrill Lynch has introduced a new "trust wrap account" for its reps and has made an adjustment on its trust management account compensation schedule.The new trust management account (TMA) compensation formula credits reps with 50% to 75% of the...
Salomon Smith Barney recently sent to its employees a new employment handbook that mandates NYSE arbitration for all types of employment claims, and includes language forbidding employees from taking any type of customer information when they...
The NASD has submitted to the SEC its controversial proposal to provide firms with an enhanced level of legal immunity from defamation claims arising from statements made on forms U-4 and U-5.The NASD's Feb. 20 filing, received by the SEC Feb. 23...
NYSE investigators have followed up on a disciplinary referral from an NYSE arbitration panel that a year ago awarded a Merrill Lynch customer $437,000.The customer, Hilda Schrettner, of Marco Island, Fla., claimed she was sold unsuitable high...
