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The customer alleges unauthorized trades were placed without her consent, after a change in strategy was not communicated to her.
9/24/2001
Customer Dispute
Closed-No Action
Allegations
CUSTOMER ALLEGES THAT MR. LICARI DID NOT FOLLOW CUSTOMER'S INSTRUCTIONS.
Damage Amount Requested
$30,000.00
Broker Comment
MERRILL LYNCH AND MR. LICARI DENY THE ALLEGATION BROUGHT FORTH IN THIS COMPLAINT.
2/1/2001
Customer Dispute
Settled
Allegations
CUSTOMER ALLEGED BREACH OF FIDUCIARY DUTY, FRAUD AND OTHER SALES PRACTICE VIOLATIONS.
Damage Amount Requested
$300,000.00
Settlement Amount
$67,025.00
Broker Comment
MERRILL LYNCH DENIES THESE ALLEGATIONS. CLAIMANT'S PORTFOLIO WAS WELL DIVERSIFIED. CLAIMANT WAS NOT PLEASED WITH HER CONSULTS ACCOUNT BECAUSE THEY WERE NOT APPRECIATING AS MUCH AS NASDAQ. CLAIMANT DEMANDED THAT THE CONSULTS ACCOUNT BE SOLD. CLAIMANT DID NOT WANT "FUDDY DUDDY" STOCKS. CLAIMANT WANTED GROWTH STOCKS. CLAIMANT STATED THAT DUE TO HER IMPENDING CHANGE IN LIFESTYLE, SHE COULD TAKE THE RISKS THAT HER FINANCIAL ADVISOR WARNED OF. THE COMPLAINT IS WHOLLY WITHOUT MERIT. THE MATTER WAS SETTLED TO AVOID CONTINUING DEFENSE COSTS AND TO AVOID THE VAGARIES OF LITIGATION.
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.