Brokerage Firm Hilliard Lyons Ordered by FINRA to Pay $180,000 in Damages
Meyer Wilson represented a client in FINRA arbitration against Hilliard Lyons, a brokerage firm, over breach of fiduciary duty, negligence, and breach of contract claims. Meyer Wilson won, and FINRA ordered Hilliard Lyons to pay our client $180,000 in damages and attorney fees.
Attorney Chad M. Kohler who represented the client explained that not only did the FINRA arbitration panel order Hilliard Lyons to pay expectancy loss damages, but also ordered the brokerage firm to compensate their former client for attorney fees, expert witness costs, and FINRA filing fees.
According to Meyer Wilson's principal attorney, David Meyer, "This is an important win for individual investors. It sends a clear message to brokerage firms that they must recommend and implement investment strategies that are consistent with their clients' true investment objectives."
Hilliard Lyons argued that because our client did not sustain any out-of-pocket losses, the claim for damages was baseless, but as Meyer explained, remedies are not limited to out-of-pocket expenses when there has been broker misconduct.