In July 2015, a FINRA arbitration panel in San Francisco, CA ordered Royal Alliance Associates to pay $1,401,687 in well-managed account damages measured against a 60% stock, 40% bond benchmark, punitive damages, attorney fees and expert witness fees. The Claimants were three AT&T retirees who took lump sum payouts rather than pensions and invested with Royal Alliance. You can read the award here. Dr. McCann testified on liability and damages over Royal Alliance's sale of non-traded REITs (Inland American Real Estate Trust and Dividend Capital Diversified Property Fund) and variable annuities to the Claimants for their retirement portfolio.
Dr. McCann's "Fiduciary Duties and Non-traded REITs" can be downloaded here and SLCG's blog posts on non-traded REITs can be found here.