Panel tosses $1.3 million client complaint

Merrill Lynch was handed a victory by a U.S. arbitration panel after expert witnesses testified the portfolio in question was diversified.

The claimant originally sought $1.3 million in damages, plus fees and expenses. It charged brokers with, among other things, fraud, negligence and misrepresentation.

The FINRA arbitrators found three of the four accounts in question were discretionary and being looked after by outside managers. The fourth was controlled by the claimant.

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