Merrill Lynch is in the process of settling a class-action lawsuit that was filed on behalf of 300,000 investors who allegedly lost more than $600 million in Merrill's short-term global funds.The suit was filed in 1993 by lead plaintiffs' attorney...
Capital gains cut to 20%. Hold an investment 18 months and pay a lowly 20% tax on the gain.If it were only that simple. The new tax is retroactive to May 6, 1997, so anything held more than 18 months and sold after that date gets the 20% rate...
The NASDR is seeking comment on a pilot program it's run since January 1996 requiring temporary restraining order (TRO) cases to proceed to an expedited arbitration hearing.Firms sometimes seek the restraining order, or injunction, against brokers...
Smith Barney brokers who want a crack at the accounts of departing brokers are being asked to sign a one-page "account referral agreement."The agreement stipulates that any accounts that are reassigned from a departing broker belong to the firm...
Ten years ago this month, the stock market suffered through its steepest plunge of the modern era, with the Dow Jones industrial average tumbling 508 points in a single day. Investors and brokers who sat tight through the debacle were well...
No one was the least bit surprised when the NASD made its Aug. 7 announcement that it intended to make discrimination and sexual harassment claims exempt from its mandatory arbitration requirement. In the face of mounting criticism from the Equal...
Wheat First reps seem positive after the Aug. 20 announcement that their firm will be acquired by Charlotte, N.C.-based First Union Corp., the nation's sixth largest bank.The acquisition was billed by both Wheat First, a Richmond, Va.-based...
Firms can settle customer complaints, report the settlement on a broker's record, and even come after a rep's assets to pay for it--all without the broker's consent.What's more, although states disclose customer settlements of more than $5,000...
When Morgan Stanley and Dean Witter Discover announced their merger this year, many on Wall Street speculated about a possible culture clash between a white-shoe investment-banking firm and its new "9-to-5" retail partner.Already, a push to sell...
In an August Notice to Members (97-50), the NASDR is requesting comment regarding the "appropriate regulation" of various forms of compensation paid in the sale of funds and variable annuities.The NASDR is considering requiring some type of...
