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FINRA Orders Wealth Management Firm to Pay 19 Exxon Retirees $3.8 Million

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by Beth Graham

Tuesday, Nov 25, 2014


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A Financial Industry Regulatory Authority (“FINRA”) arbitration panel has reportedly ordered a Houston-based wealth management company to pay 19 retirees a total of $3.8 million for mismanaging their investment accounts.  In the case, a group of former Exxon-Mobil Corporation employees claimed that USCA Capital Advisors LLC mislead them about the company’s investment strategy and performance.  The retirees also accused the wealth management firm of breaching its fiduciary duty, omitting important facts, committing breach of contract, failing to supervise company employees, and negligence.  In sum, the investors sought more than $12 million in damages.

Following a hearing before the FINRA panel, the retirees received an award for the amount of damages they stood to gain if the USCA Capital Advisors had performed as promised as well as $853,000 in punitive damages.  Interestingly, punitive damages are rarely awarded in following a FINRA arbitration.  The panel declined to explain its punitive damages award.

Photo credit: Images_of_Money / Foter / CC BY

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About Beth Graham

Beth Graham earned a Master of Arts in Information Science and Learning Technologies from the University of Missouri-Columbia, and a Juris Doctor from the University of Nebraska College of Law, where she was an Eastman Memorial Law Scholar. Beth is licensed to practice law in Texas and the District of Columbia. She is also a member of the Texas Bar College and holds CIPP/US, CIPP/E, and CIPM certifications from the International Association of Privacy Professionals.

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About Disputing

Disputing is published by Karl Bayer, a dispute resolution expert based in Austin, Texas. Articles published on Disputing aim to provide original insight and commentary around issues related to arbitration, mediation and the alternative dispute resolution industry.

To learn more about Karl and his team, or to schedule a mediation or arbitration with Karl’s live scheduling calendar, visit www.karlbayer.com.

About Disputing

Disputing is published by Karl Bayer, a dispute resolution expert based in Austin, Texas. Articles published on Disputing aim to provide original insight and commentary around issues related to arbitration, mediation and the alternative dispute resolution industry.

To learn more about Karl and his team, or to schedule a mediation or arbitration with Karl’s live scheduling calendar, visit www.karlbayer.com.

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