The recent layoffs by Nesbitt Burns Securities of nearly 12% of its U.S. staff is the first step toward the acquisition of a U.S. brokerage, according to several sources at the firm.In mid-February, the Canadian broker/dealer, which is owned by...
On April 9, Judge Constance Baker Motley will hold a fairness hearing in Federal District Court in New York City to hear comments on a settlement proposed by Smith Barney and plaintiffs' attorneys in the sexual harassment and discrimination case...
NASD head Frank Zarb in late February relinquished his title of president to Richard Ketchum, NASD COO. Although Ketchum, the NASD's No. 2 executive, says his responsibilities remain the same, the additional title is seen as a seal of approval...
Salomon Smith Barney has entered into a 50-50 joint venture with Nikko Securities of Japan to offer fee-based consulting services there.Frank Campanale, head of Salomon Smith Barney's Consulting Group, says Salomon Smith Barney is staffing up and...
When brokers sell a mutual fund with a 12b-1 fee, their clients are paying a fee for ongoing service, which, of course, is provided by the broker. Yet firms pocket part--and sometimes all--of 12b-1 fees.The standard practice is to put 12b-1 fees...
A late-year slide in Asian stock markets led to a 9.4% loss for the $2.3-billion Templeton Developing Markets I fund in 1997. But you wouldn't know it from the tax statements the company sent to shareholders.Despite the loss, Templeton Developing...
On Jan. 15, the NASD announced that its membership approved 22 members for its board of governors at the group's annual meeting in Washington, D.C.But Alan Davidson, owner of Zeus Securities in Jericho, N.Y., and president of the 100-member...
Of 53 comment letters received by the NASDR on its proposed U-5 immunity rule, A.G. Edwards was the only firm to oppose the plan.In its letter, A.G. Edwards recommended against approving the rule, which would provide more legal protection for...
Now that the NASD proposal to cap punitive damages in customer cases is pending before the SEC (see "Punitive Damages Proposal is Hot Issue," Page), a trial balloon proposing that the same sort of cap be imposed in employment cases also has been...
When Federal District Judge Nancy Gertner ruled that forcing discrimination claims into arbitration at the NYSE was inherently unfair because of "the extent to which the NYSE arbitration system is dominated by ... the employment side of the...