A
FINRA arbitration panel just ordered Ameriprise Financial Services, LLC to pay
Edward Jones 1) over $500,000 in compensatory damages, 2) $375,000 in punitive damages,
and 3) $1,125,000 in attorneys’ fees.
The panel ordered Ameriprise’s advisor, formerly with Edward Jones,
Securities and Investment Blog
The Securities and Investment Blog, published by Cosgrove Law Group, LLC, focuses on legal issues related to securities regulation, financial advisor disputes, and investment compliance. It covers topics such as FINRA disciplinary actions, arbitration provisions in financial contracts, wrongful termination and defamation claims for financial advisors, beneficiary designations in estate planning, and professional liability insurance for financial advisors. The blog provides analysis of regulatory enforcement, contract disputes, and practical legal considerations for financial professionals and their clients.
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Buying or Selling a Financial Advisor’s Book of Business: Legal and Practical Considerations
Buying or selling a financial advisor’s “book of business”
may sound straightforward: determine revenue, apply a valuation method,
negotiate a price and complete the transfer.
In practice, these transactions can be considerably more
complicated.
An advisory book is built around…
Plaintiff Escapes Arbitration
In
Michael Waller v. Commerce Bank, et al., Commerce Bank appealed
the interlocutory order of the Circuit Court of Jackson County, Missouri
(“circuit court”), denying Commerce Bank’s motion to compel arbitration of Mr.
Michael…
ARE YOU LOOKING FOR A ST. LOUIS BASED SECURITIES FRAUD LAW FIRM?
If you are, look no further. Indeed, if you use Google for your law firm
search you will probably find about 10 law firms that actually have little or
nothing to do with St. Louis. Are you
getting the best…
FINRA Discloses Its September 2025 Disciplinary and Other Actions
The
self-regulatory body that monitors the conduct of financial professionals just
issued its results for last month. The following are just a sampling of the
summaries it provided:
Greenbird
Capital, LLC (CRD #306692, Boca Raton, Florida)
July
24, 2025…
COURT OF APPEALS REFUSES TO ENFORCE ARBITRATION PROVISION
Earlier
this year, the Missouri Court of Appeals affirmed a trial court’s refusal to
enforce an arbitration provision within an operating agreement. Now we all know
that arbitration agreements are difficult to circumvent, so what…
Are You A Financial Advisor With A Wrongful Termination or Defamation Claim?
Advisors terminated by their broker-dealer should immediately retain experienced legal counsel.The broker-dealer has 30 days after termination to file the mandatory U-5. Legal counsel can help you negotiate fair and accurate language for this critical and…
It’s 10 O’clock – Do You Know Who Your Beneficiaries Are?
Having a will
is an important step in directing what is to happen to your assets when you
die. Ensuring all of your accounts have current beneficiary information
properly submitted is also key. Financial accounts…
DOES YOUR FINANCIAL ADVISER HAVE PROFESSIONAL LIABILITY INSURANCE?
Believe it
or not, your trusted financial adviser is only human. He or she can make a very
costly mistake despite his or her best intentions. Perhaps you have taken
comfort in the fact that your adviser, whether a registered
or not, your trusted financial adviser is only human. He or she can make a very
costly mistake despite his or her best intentions. Perhaps you have taken
comfort in the fact that your adviser, whether a registered
…
CAN A FINANCIAL ADVISER BE SUED BY A NON-CLIENT FOR NEGLIGENCE?
The
answer to that question is “probably.” At least in Missouri, New York, and
Iowa.
Missouri courts apply a balancing
test when determining if a “non-client” intended beneficiary of professional
services can sue for negligence despite a lack of…