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: FinancialCounselFormer SunTrust Robinson Humphrey Rep Wins Defamation Case Involving False Pretense Of Auction Rate Security Complaint
By James Eccleston
A former SunTrust Robinson Humphrey broker has won $4 million in a defamation claim against the firm. The award includes $2.5 million in punitive damages for the representative. Such large punitive awards are unusual in arbitrations.
In a written ruling, the three-person arbitration panel said that the firm "had specific intent to cause harm" to the representative in blaming him for a client complaint that arose from a $2.9 million investment in an illiquid auction-rate security.
In the decision, the panel said that the rep was told that the firm would support its ARS product. And indeed, other SunTrust Robinson Humphrey brokers whose clients complained about auction-rate securities weren't fired.
Source: InvestmentNews
Full post as published by FinancialCounsel on January 21, 2010 (boomark / email).
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