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Brokers Sue Their Own Brokerage Firm's Analyst
Faced with more than 25 customer complaints seeking damages of more than $25 million, even the stockbrokers are blaming stock analysts, this time their own brokerage firm's analyst, Jack Grubman of Salomon Smith Barney.
Grubman failed to alert investors that the shares of Worldcom could do anything but skyrocket in price, the stockbrokers allege. As a result, the stockbrokers' pleas to their customers to diversify their portfolio were ignored, instead relying on Grubman's optimism.
Source: Registered Representative, February 25, 2002
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