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CLAIMANT CLAIMED THAT GOVERNMENT BOND FUND CONTAINING AAA RATED ISSUES WAS UNSUITABLE AND INACCURAETELY PRESENTED. FUND WAS SOLD AT A LOSS OF APPROXIMATELY $23,000 WHICH WERE CLAIMED DAMAGES.
Damage Amount Requested
$23,000.00
Settlement Amount
$21,650.00
Broker Comment
THE FIRM ELECTED TO SETTLE THIS MATTER FOR $21,650, BUT IT AND REGISTRANT DENY ANY WRONGDOING. THE FIRM WROTE TO THE CUSTOMER STATING THAT IT DID NOT BELIEVE HIS CLAIMS HAD MERIT. THE PERTINENT RISKS WERE MOREOVER DISCLOSED IN THE PROSPECTUS AND THE PERFORMANCE OF THE INVESMENT WAS DUE
TO MARKET FACTORS. NEVERTHELESS, IN ORDER TO AVOID THE COSTS AND UNCERTANITIES OF LITIGATION, THE MATER WAS SETTLED.
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.
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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.