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Morgan Stanley's Nervous 401k Client Wins FINRA Arbitration

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Dec 28, 2010 2:38 pm

Okay, so here’s the guts of the case: The public customer decided that he didn’t want to be in the stock market and thought it best to go into cash. He then changed his mind.

Apparently, the customer ran his conclusions by his stockbroker.  Not all that unusual. However, we’re clearly going to have a dispute as to whether the public customer  had made a firm “decision” to reposition the account and was wrongly talked out of that decision by his stockbroker (who may well be depicted as giving Bryant the wrong advice for the wrong reasons); or, whether that same customer had a mere “feeling” about what was the best response to a fading market, and after chatting with his stockbroker decided to defer any contemplated action.

Then there’s this other interesting wrinkle: Claimant Bryant did not name his stockbroker  in the FINRA Claim.