Securities

Customer Disputes

LGWM has extensive litigation experience representing registered representatives, broker dealers and investment advisors in a wide arrange of customer disputes ranging from singe customer selling away and suitability cases to complex multiple plaintiff actions. We routinely handle customer disputes in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi and Tennessee. We have also handled customer disputes in Arizona, California, New York, North Carolina, Ohio, Pennsylvania and South Carolina.

We have experience with almost every securities product and investment strategy (common and exotic). Our experience is very diverse, including individual stocks, bonds, options, mutual funds, annuities, private placements, REITs, investment contracts and asset backed securities. The claims typically involve suitability, churning, misrepresentations and statutory claims, as well as claims relating to wrap accounts, individual accounts, IRA accounts and trust accounts.

Some of our more notable cases include a 30-day arbitration in New Orleans, Louisiana representing a broker dealer and registered representative against over 100 individual customer complaints alleging the fraudulent sale of an international telecom security with claims in excess of $25 million, representing a registered representative against multiple customer complaints involving the sale of variable annuities with total claims in excess of $10 million, and representing a broker dealer in numerous customer complaints and regulatory actions brought by state securities commissioners alleging unauthorized trading and churning where the claims were in excess of $5 million. We have developed a knowledge base that allows us to quickly analyze customer disputes so that the matter can be effectively handled in terms of results and costs.

Cases of Note

  • Represented Broker Dealer and registered representatives against over 100 Customer complaints in the alleged fraudulent sale of an international telecom stock where claims were in excess of $25 million.
  • Represented Registered Representative against multiple customer complaints involving the sale of variable annuities in FINRA Arbitrations with total claims in excess of $2 million.
  • Represented Broker Dealer and Registered Representatives in numerous customer complaints throughout the United States and regulatory actions brought by state securities commission against allegations of unauthorized trading and churning where the claims where in excess of $5 million.
  • Represented Broker Dealer and Registered Representative in multiple arbitrations where allegations included unauthorized trading, unsuitability in the sale of B-share mutual funds.
  • Represented Broker Dealer in state court against claims involving alleged ponzi scheme perpetrated by registered representative.
  • Represented registered representative in several FINRA arbitrations and pre-suit claims involving allegations of unsuitable options and margin trading in over 200 investment accounts resulting in losses in excess of $4 million.
  • Represented broker dealer in FINRA arbitration brought by multiple customers involving alleged selling away activities of registered representatives with total claim in excess of $3.8 million.
  • Represented registered representative in several FINRA arbitrations brought by multiple customers involving alleged selling away activities spanning six years and involving over $8 million of assets
  • Routinely represents broker dealer and registered representatives in FINRA arbitrations involving the alleged unsuitability of investments in real estate investment trusts, equipment leasing funds, direct participation programs and other alternative securities.