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Purdue Avenue Investors LP v Morgan Keegan & Co. and Morgan Asset Management

In December 2014, a Court in Dallas, Texas ordered Morgan Keegan and Morgan Asset Management to pay $2,150,803.60 in compensatory damages and prejudgment interest plus post judgment interest at the rate of 5% accruing from December 19, 2014 in connection with Morgan Keegan's sale of the RMK Advantage Income Fund, RMK High Income Fund and RMK Strategic Income Fund. The Court found violations of the Texas Securities Act because the boilerplate language in the prospectuses did not convey the true risks of the funds. Dr. McCann testified on behalf of the Plaintiffs.

Maybank v BB&T et al - $17.2 Million Variable Prepaid Forward VPF Award

On November 10, 2014, a State Court in Greenville, SC ordered BB&T to pay the Plaintiff $17.2 Million over the Bank's recommendation and sale of two variable prepaid forward contracts. This amount reflected $3.1 Million in actual damages and $5 Million in punitive damages awarded by the jury on June 30, 2014 after a two week trial. The Court found the Defendants' conduct in violation of the Unfair Trade Practices Act was "knowing and willful" and "reprehensible" and "that Defendants acted with malice, trickery, or deceit rather than mere accident," trebled actual damages to $9.3 Million and awarded $3 Million in attorneys' fees and costs. Dr. McCann testified at the hearing that the VPFs were high cost, opaque and not properly characterized in the presentations and provided testimony which the Court found fully supported the jury's award of damages.

State of Illinois v. Richard Van Dyke - $353,500 Fined for Fraudulent Annuity Sales Practices

In April 2014, Illinois Secretary of State Jesse White revoked the investment adviser and investment adviser representative registrations of Richard Lee Van Dyke, who was doing business as Dick Van Dyke Registered Investment Adviser. Additionally, Van Dyke was fined $330,000 and ordered to pay costs of investigation and expert witness fees of $23,500. Van Dyke's registrations were revoked because he defrauded 21 of his clients who were all senior citizens. Dr. O'Neal testified that the advice to surrender existing annuities and purchase new annuities was unsuitable for Van Dyke's clients.

Dulin v UBS - $5.4 Million Intentional Interference Award

In April 2014, an arbitration panel in Phoenix, AZ ordered UBS Financial Services to pay its former broker $4 Million compensatory, $1 Million punitive damages, $250,000 attorneys' fees, $85,000 in costs, $50,000 plus in arbitration fees. Punitive damages were based on injurious falsehood and the Panel specifically stated that as Lehman feel apart, UBS did not properly apprise Financial Advisers. The Panel also expunged all 39 cases and ruled that if, for some reason a court does not approve the expungement, then the broker will get another $4 Million in compensatory damages. Dr. McCann testified at the final hearing on behalf of the broker.

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