Verdicts & Settlements

Blum Law Group slams UBS of Puerto Rico with big arbitration award including attorneys fees; despite UBS's argument that the client made money!


Our attorneys won a $150,000.00 verdict from a FINRA Arbitration Panel, for an investor who claimed that an annuity was improper and the costs and fees were not fully disclosed. Richman v. Morgan Stanely Smith Barney LLC, FINRA Case No. 12-03934


Our attorneys have served as plaintiff’s counsel in a consolidated securities class action on behalf of investors who purchased securities recommended and sold by Securities America (a subsidiary of Ameriprise Financial during the time of the action) and other financial institutions -- recommendations that turned out to be part of a massive Ponzi scheme. The settlement of that case with Securities America, together with separately filed FINRA arbitration claims, provided approximately $150 million, collectively, to the plaintiffs and the arbitration claimants. McCoy, et al. v. Securities America, Inc., et al., U.S. Dist. Ct. - C.D. Cal.


Our attorneys prevailed in one of the largest arbitration awards ever entered against an individual broker. A FINRA panel awarded over $7 million to a group of investors, including more than $4 million in punitive damages, for harm caused by Gary J. Gross based upon what the panel found to be Gross’ “willful and wanton” conduct in “flagrant disregard” of the investors’ rights. Many of the victims lost their life savings. Paula Casper, et al. v. Gary Gross, et al., FINRA Case No. 06-04334.


Our attorneys obtained for claimants who invested in fraudulent private placements, including but not limited to Provident Share Royalties, Medical Capital Corporation and DBSI, Inc., a $9,120,466.90 FINRA arbitration award against CapWest Securities, Inc. Merle Allen, et al. v. CapWest Securities, Inc., FINRA Case No. 09-06962.


On behalf of our clients, our attorneys have pursued over $30 million in claims, and have favorably resolved those claims, against UBS Financial Services relating to its misleading sales of Lehman principal protected notes and other Lehman products to its customers.


Our attorneys obtained for an investor a nearly $1.1 million FINRA arbitration award against Leighton David Applefeld, a then-FINRA registered broker, for gross misconduct and “selling away” (i.e., brokering transactions without the knowledge or permission of his employer). The award included a substantial sum of punitive damages. Bernice Kramer v. Leighton David Applefeld, et al., FINRA Case No. 07-02447.


On behalf of numerous Latin American investors, our attorneys have handled over $25 million in claims, and successfully resolved those claims, against various financial institutions located in the United States and its territories abroad.


Our attorneys were plaintiffs’ counsel to over 400 claimants in an action against Doeren Mayhew, a large Midwest accounting firm, wherein the firm was alleged to have failed to perform due diligence so as to recognize that its partners were running a Ponzi scheme, thus costing the unsuspecting investors in excess of $25 million. This case was successfully settled. Acker, et al. v. Doeren Mayhew, U.S. Dist. Ct. - E.D. Mich., Case No. 2:08-cv-11261.


Our attorneys obtained a $676,000 award against multiple parties relating to investments tied to a Ponzi scheme, including a subtantial sum of punitive damages. Jose A. Rivera v. Gallen Merchant Banking, et al., FINRA Case No. 05-04256.


Our attorneys obtained a $750,000 recovery from an NFA registered commodities firm in connection with the firm’s failure to properly monitor an investment portfolio.


Our attorneys obtained a substantial award against Merrill Lynch which included a punitve damage award. Angelo Skulas, et al. v. Merrill Lynch, Pierce, Fenner & Smith, Inc. et al., NASD Case No. 06-02967.


On behalf of an aggrieved investor, our attorneys obtained a large recovery against Morgan Keegan for its flawed recommendation and sale of the RMK Funds proprietary products. Gordon H. Sympson v. Morgan Keegan & Company, Inc., FINRA Case No. 10-01871.


Mr. Blum obtained an NASD Award in excess of $3 million against Janney Montgomery Scott for its negligence in supervising an account of an elderly investor.


Our attorneys obtained a verdict of $1.9 million against Prudential Securities for allowing an account to drop dramatically in value in a short time period. The account overall was profitable.


Prior results do not guarantee a similar outcome in any current or future case.

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