Sabato (“Sam”) Fiano and Lori A. DaSilva-Fiano, members of ZNC’s Litigation practice group, successfully secured an approximate $210,000 award against the global financial investment firm, Morgan Stanley, in a securities arbitration which was tried in November before an arbitration panel appointed by the Financial Industry Regulatory Authority (“FINRA”). ZNC represented a widow who was 77-years old and had multiple securities investment accounts managed by Morgan Stanley at the time of her husband’s sudden death in August 2011. At the arbitration, Attorney Fiano and Attorney DaSilva-Fiano were successful in proving that Morgan Stanley did not adequately advise their client of the risks and volatility of the investment strategy implemented on her behalf, which focused on raw materials, precious metals, equities and commodities. Morgan Stanley contested the claim, and attempted to show through the testimony of a national securities analyst that the investment strategy was suitable for the client, and did not result in any financial loss across the multiple accounts. Attorney Fiano was successful in defeating these claims through his cross-examination of Morgan Stanley’s expert and the financial advisor responsible for the unsuitable investment strategy, as well as through the testimony of his own securities expert. The FINRA arbitration panel rendered the approximate $210,000 award less than three-weeks after the conclusion of hearings. Click on this link to an article in www.OnWallStreet.com for more information on this victory.
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