By Costello Law Groupof
The longest running arbitration case in the past two decades has finally been ruled on after five years. After a 95-day hearing, a Financial Industry Regulatory Authority (FINRA) panel awarded the Claimants $16.6 million based upon evidence that BNP Paribas Securities Corp. unsuitably concentrated their savings in leveraged option securities. Claimants alleged that the company’s own policies prohibited the sale of leveraged options securities to U.S. customers. The $16.6 million included restitution, damages, and attorneys’ fees.
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