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Flanagan v UBS Financial Services - $200,000 Structured Products Award

In November 2009, a FINRA arbitration panel in Columbia, SC ordered UBS Financial Services Inc to pay $165,000 in damages which includes the interest per annum at the state of South Carolina statutory rate of 8.75%. The panel also awarded Claimant costs in the amount of $35,000 plus attorney's fees. The award was made after a hearing wherein the Claimant alleged Respondents breached contractual and fiduciary duties, failed to suitably invest Claimant's account, and failed to supervise Claimant's account. The claims related to the purchase of various Lehman Brothers issued "Principal Protected Notes" and "Return Optimization Notes" in the Claimant's account. Dr. McCann testified on behalf of the Claimant.

Wade et al v Morgan Keegan - $370,000 (MKHIX, MKIBX, RMH, RSF, RHY) Award

In November 2009, a FINRA arbitration panel in Birmingham, AL ordered Morgan Keegan to pay $370,000 in damages. The award was made after a hearing wherein the Claimants alleged Respondents breached contractual and fiduciary duties, failed to suitably invest Claimants' accounts, and failed to supervise Claimants' accounts. The claims related to Claimants' investments in the RMK Select High Income Fund (MKHIX), RMK Select Intermediate Bond Fund (MKIBX), RMK High Income Fund (RMH), RMK Strategic Income Fund (RSF) and RMK Multi-Sector High Income Fund (RHY). Dr. O'Neal testified on behalf of the Claimants.

Smythe et al v Morgan Keegan - $1,000,000 (MKIBX, RSF, RMA, RHY) Award

In November 2009, a FINRA arbitration panel in Memphis, TN ordered Morgan Keegan to pay $803,000 in damages including $20,000 in expert witness fees and pre-judgment interest at the rate of 6% per annum. The panel also assessed $195,160 in attorneys' fees. The award was made after a hearing wherein the Claimants alleged Respondents breached contractual and fiduciary duties, failed to suitably invest Claimants' accounts, and failed to supervise Claimants' accounts. The claims related to Claimants' investments in the RMK Select Intermediate Bond Fund (MKIBX), RMK Strategic Income Fund (RSF), RMK Advantage Income Fund (RMA) and RMK Multi-Sector High Income Fund (RHY). Dr. McCann testified on behalf of the Claimants.

Rivkin v Charles Schwab - $327,245 (SWYSX) Award

In October 2009, a FINRA arbitration panel in San Diego, CA ordered Charles Schwab to pay the Claimant $327,245. The award was made after a hearing wherein the Claimant alleged that Schwab misrepresented its YieldPlus (SWYSX) bond fund as a low risk alternative to a money market fund for cash holdings. Dr. Prendergast testified on behalf of the Claimant that the YieldPlus fund was much riskier than money market funds, that its portfolio was dominated by illiquid private-label mortgage backed securities containing considerable credit risk and that Schwab apparently overstated the fund's NAV in late 2007 and early 2008.

Eliot v Charles Schwab - $96,000 (SWYSX) Award

In September 2009, a FINRA arbitration panel in Los Angeles, CA ordered Charles Schwab to pay the Claimant $96,000 including $16,000 in expert witness fees. The award was made after a hearing wherein the Claimant alleged that Schwab misrepresented its YieldPlus (SWYSX) bond fund as a low risk alternative to a money market fund for cash holdings. Dr. McCann testified on behalf of the Claimant that the YieldPlus fund was much riskier than money market funds, that its portfolio was dominated by illiquid private-label mortgage backed securities containing considerable credit risk and that Schwab apparently overstated the fund's NAV in late 2007 and early 2008.

Nasatir v Charles Schwab - $125,729 (SWYSX) Award

In September 2009, a FINRA arbitration panel in Los Angeles, CA ordered Charles Schwab to pay the Claimant $125,729. The award was made after a hearing wherein the Claimant alleged that Schwab misrepresented its YieldPlus (SWYSX) bond fund as a low risk alternative to a money market fund for cash holdings. Dr. McCann testified on behalf of the Claimant that the YieldPlus fund was much riskier than money market funds, that its portfolio was dominated by illiquid private-label mortgage backed securities containing considerable credit risk and that Schwab apparently overstated the fund's NAV in late 2007 and early 2008.

Crow et al v Morgan Keegan - $148,000 (MKIBX) Award

In September 2009, a FINRA arbitration panel in Birmingham, AL ordered Morgan Keegan to pay $148,000 in damages including expert witness fees. The panel also assessed $30,825 in forum fees to the Respondents. The award was made after a hearing wherein the Claimants alleged Respondents breached contractual and fiduciary duties, failed to suitably invest Claimants' accounts, and failed to supervise Claimants' accounts. The claims related to Claimants' investments in the RMK Select Intermediate Bond Fund (MKIBX). Dr. McCann testified on behalf of the Claimants.

Chang v Charles Schwab - $88,245 YieldPlus (SWYSX) Award

In September 2009, a FINRA arbitration panel in Los Angeles, CA ordered Charles Schwab to pay the Claimant $88,245 including $13,500 in expert witness fees. The award was made after a hearing wherein the Claimant alleged that Schwab misrepresented its YieldPlus (SWYSX) bond fund as a low risk alternative to a money market fund for cash holdings. Dr. McCann testified on behalf of the Claimant that the YieldPlus fund was much riskier than money market funds, that its portfolio was dominated by illiquid private-label mortgage backed securities containing considerable credit risk and that Schwab apparently overstated the fund's NAV in late 2007 and early 2008. He also testified that the Claimant suffered $74,745 in damages measured against a portfolio of 100% Schwab Money Market Fund.

Kelly v Charles Schwab - $103,000 YieldPlus (SWYSX) Award

In August 2009, a FINRA arbitration panel in Reno, NV ordered Charles Schwab to pay the Claimant $103,000 including interest and fees. The award was made after a hearing wherein the Claimant alleged that Schwab misrepresented its YieldPlus (SWYSX) bond fund as a low risk alternative to a money market fund for cash holdings. Dr. McCann testified on behalf of the Claimant that the YieldPlus fund was much riskier than money market funds, that its portfolio was dominated by illiquid private-label mortgage backed securities containing considerable credit risk and that Schwab apparently overstated the fund's NAV in late 2007 and early 2008.

Mayes v Charles Schwab - $116,000 YieldPlus (SWYSX) Award

In August 2009, a FINRA arbitration panel in Houston, TX ordered Charles Schwab to pay the Claimant $116,000 including $16,000 in expert witness fees. The award was made after a hearing wherein the Claimant alleged that Schwab misrepresented its YieldPlus (SWYSX) bond fund as a low risk alternative to a money market fund for cash holdings. Dr. McCann testified on behalf of the Claimant that the YieldPlus fund was much riskier than money market funds, that its portfolio was dominated by illiquid private-label mortgage backed securities containing considerable credit risk and that Schwab apparently overstated the fund's NAV in late 2007 and early 2008.

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