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Stockbroker Wins $27 Million Award Over Wrongful Termination
NASD arbitrators have awarded $2 million in compensatory damages and $25 million in punitive damages to a former Waddell & Reed Financial broker.
The broker was terminated and the firm allegedly engaged in a systematic effort to retain his customers. The firm allegedly misled the broker's customers by claiming that he had mishandled their investments and no longer was in business. Moreover, the firm allegedly encouraged the broker's customers to file complaints against him, in return for the firm's switching the clients into lower cost mutual funds without paying a back-end sales charge.
Source: Wall Street Journal
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