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Our research and testimony frequently result in awards, decisions and orders. See what our experts have been working on.

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Miller v Citigroup - $489,877 MAT Three Award

In June 2010, a FINRA arbitration panel in Seattle, WA ordered Citigroup to pay Claimants $489,877 including attorney's fees over the sale of Citigroup's MAT Three leveraged municipal bond hedge fund. The award was made after a hearing wherein the Claimants alleged that Respondent breached contractual and fiduciary duties and negligently misrepresented MAT Three. Dr. McCann testified on behalf of the Claimants.

Miniaci v Morgan Keegan - $1,080,000 (MKIBX, RMA, RHY) Award

In June 2010, a FINRA arbitration panel in Ft. Lauderdale, FL ordered Morgan Keegan to pay $1,080,000 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 panel found Morgan Keegan "liable for unsuitability, negligence and failure to supervise." The claims related to Claimants' investments in the RMK Select Intermediate Bond Fund (MKIBX), RMK Advantage Income Fund (RMA) and RMK Multi-Sector High Income Fund (RHY). Dr. McCann testified on behalf of the Claimants.

Christianson v Morgan Keegan - $247,557 (RHY, MKHIX) Award

In June 2010, a FINRA arbitration panel in Denver, CO ordered Morgan Keegan to pay $247,557 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 panel found Morgan Keegan "liable for unsuitability, negligence and failure to supervise." The claims related to Claimants' investments in the RMK Select High Income Fund (MKHIX) and RMK Multi-Sector High Income Fund (RHY). Dr. McCann testified on behalf of the Claimants.

Selan v Citigroup - $550,505 MAT Three Award

In May 2010, a FINRA arbitration panel in Los Angeles, CA ordered Citigroup to pay Claimants $550,505 and costs over the sale of Citigroup's MAT Three leveraged municipal bond hedge fund. The award was made after a hearing wherein the Claimants alleged that Respondent breached contractual and fiduciary duties and negligently misrepresented MAT Three. Dr. McCann testified on behalf of the Claimants.

Abramson v Citigroup - $1,710,000 MAT V Award

In May 2010, a FINRA arbitration panel in Los Angeles, CA ordered Citigroup to pay $1,710,000 including $25,000 in costs and interest on the award at the rate of 10%. The panel also assessed $18,000 in forum fees to the Respondent. The award was made after a hearing wherein the Claimants alleged that Respondent breached contractual and fiduciary duties and negligently misrepresented MAT V, a leveraged municipal bond arbitrage fund. Dr. McCann testified on behalf of the Claimants.

Roe Green Foundation v Charles Schwab - $310,000 (SWYSX) Award

In April 2010, a FINRA arbitration panel in Cleveland, OH ordered Charles Schwab to pay the Claimants $310,000. The award was made after a hearing wherein the Claimants 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 Claimants 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.

Pomeroy v Charles Schwab - $850,000 (SWYCX) Award

In April 2010, a FINRA arbitration panel in San Francisco, CA ordered Charles Schwab to pay the Claimants $850,000 including $150,000 in attorneys' fees, $14,850 in costs including expert witness fees and interest on the award at the rate of 7%. The award was made after a hearing wherein the Claimants alleged that Schwab misrepresented its California Tax-Free YieldPlus (SWYCX) bond fund as a low risk alternative to money market funds and as being consistent with capital preservation. Dr. Prendergast testified on behalf of the Claimants that the California Tax-Free YieldPlus fund was much riskier than money market funds and that its holdings were inconsistent with those of money market funds. He also testified that the Claimants suffered $604,094 in capital losses.

Mauney v Charles Schwab - $246,560 (SWYSX) Award

In April 2010, a FINRA arbitration panel in Seattle, WA ordered Charles Schwab to pay the Claimant $246,560 including $53,359 in attorneys' fees. The award was made after a hearing wherein the Claimants 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 Claimants 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.

Cobb et al v Morgan Keegan - $1,100,000 (MKHIX, RMH, RMA, RSF, RHY) Award

In February 2010, a FINRA arbitration panel in Birmingham, AL ordered Morgan Keegan to pay $1,100,000 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 panel found Morgan Keegan liable for "misrepresentation and failure to disclose the true nature of the RMK funds." The claims related to Claimants' investments in the RMK Select High Income Fund (MKHIX), RMK High Income Fund (RMH), RMK Advantage Income Fund (RMA), RMK Strategic Income Fund (RSF) and RMK Multi-Sector High Income Fund (RHY). Dr. McCann testified on behalf of the Claimants.

Stein et al v Morgan Keegan - $2,500,000 (MKHIX, RMA, RSF, RHY) Award

In February 2010, a FINRA arbitration panel in Boca Raton, FL ordered Morgan Keegan to pay $2,500,000 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 panel found Morgan Keegan "liable for unsuitability, negligence and failure to supervise." The claims related to Claimants' investments in the RMK Select High Income Fund (MKHIX), RMK Advantage Income Fund (RMA), RMK Strategic Income Fund (RSF) and RMK Multi-Sector High Income Fund (RHY). Dr. McCann testified on behalf of the Claimants.

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