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Bear Stearns to Pay Investor $111.5 Million For Currency Trading Losses
The jury award was one of the larger ones ever to an investor accusing a brokerage firm of mistreatment.
The allegations included unauthorized trading, unsuitability, failure to warn of risk and excessive exposure to loss given excessive margin trading. The investor alleged that the broker convinced him to move ½ of his currency account from the Chicago Mercantile Exchange to an unregulated over the counter market, misrepresenting that it was more liquid and not overly risky.
The jury rejected Bear Stearn’s contention that the investor was sufficiently sophisticated in view of his prior currency trading positions.
Source: Wall Street Journal, May 16, 2000
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