Exxon Retirees Receive $3.8 million Arbitration Award

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Exxon Retirees Receive $3.8 million Arbitration Award

U.S. Capital Advisors, an investment advisory firm located in Houston, Texas, was ordered to pay a group of Exxon retirees $3.8 million in damages for implementing an unstable investment strategy. According to the Wall Street Journal, the retirees were falsely told that there savings was invested in a strategy which would protect them from market downturns. Despite this assurance, the retirees lost their savings. The arbitration panel awarded the retirees $1.9 million dollars in damages, nearly $1 million for legal fees, and punitive damages in the amount of $852,630.

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By |2019-12-24T11:02:45-05:00February 18th, 2015|Securities|0 Comments

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