Robb et al v Neuberger Berman - $5,537,000 Lehman Structured Products / Hedge Fund Award
In July 2011, a FINRA arbitration panel in Chicago, IL ordered Neuberger Berman to pay $5,052,500 in compensatory damages and costs plus approximately $484,500 in interest. The award was made after a hearing wherein the Claimants alleged Respondents engaged in "a general fraudulent scheme to target investors, especially high net worth individuals to raise funds for Lehman Brothers Holdings and Lehman Brothers, Inc. under the guise of principal protected notes." The claims related to the purchase of Lehman Brothers issued "Annual Review Notes with Contingent Principal Protection Linked to the Financial Select Sector SPDRR Fund ("XLF")", "100% Principal Protected Notes Linked to ComBATS I" and "Liberty ViewCredit Select Fund." Dr. McCann testified on behalf of the Claimant.