In January 2012, a FINRA arbitration panel in New York, NY ordered Oppenheimer to pay Claimants $6.1 Million including $134,108 in attorneys' fees over the sale of auction rate securities. The award was made after a hearing wherein the Claimants alleged that Respondents failed to supervise, breached contractual and fiduciary duties and misrepresented the ARS. Dr. O'Neal testified on behalf of the Claimants.
In January 2012, a FINRA arbitration panel in Atlanta, GA ordered Morgan Keegan to pay Claimants $231,337 in compensatory damages plus interest at the rate of 7% accruing from November 15, 2009 until the date of payment in connection with Morgan Keegan's sale of the RMK Advantage Income Fund (RMA) and RMK Multi-Sector High Income Fund (RHY). Dr. O'Neal testified on behalf of Claimants.