Circuit Court of Cook County Confirms $2.7 Million Arbitration Win for Illinois Residents, William and Jean Torrence.Business Editors CHICAGO--(BUSINESS WIRE)--April 13, 2004 Shaheen, Novoselsky, Staat, Filipowski & Eccleston, P.C. is pleased to announce that the Circuit Court of Cook County has confirmed a $2.7 million arbitration award An arbitration award (or arbitral award) is a determination on the merits by an arbitration tribunal in an arbitration, and is analogous to a judgment in a court of law. rendered by the National Association of Securities Dealers National Association of Securities Dealers (NASD) Nonprofit organization formed under the joint sponsorship of the investment bankers' conference and the SEC to comply with the Maloney Act, which provides for the regulation of the OTC market. (NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). ) Office of Dispute Resolution on September 25, 2003. Shaheen, Novoselsky et. al. represented the Torrences in their claim before the NASD as well as before the Circuit Court after Edward Jones Edward, Eddie, or Ed Jones is the name of: Edward Jones:
The Torrences claimed that Edward Jones and its employee, financial advisor Gregory Westray, had made unsuitable investment recommendations, had excessively traded the account, and had abused margin. The Torrences alleged that Gregory Westray had recommended they concentrate their holdings on a volatile technology stock, Sycamore Networks, on margin, while excessively trading the remaining stock positions in the account. In confirming the original award of $2.7 million, plus 3% interest, the court rejected Edward Jones' claim that its broker, Gregory Westray, had unequivocally and firmly recommended that the Torrences sell their concentrated Sycamore Networks position. The court also rejected Edward Jones' defense that a form risk acknowledgement letter apprised the Torrences of the significant risks involved. James Eccleston stated, "The arbitrators' award and the court's ruling underscore The underscore character (_) is often used to make file, field and variable names more readable when blank spaces are not allowed. For example, NOVEL_1A.DOC, FIRST_NAME and Start_Routine. (character) underscore - _, ASCII 95. that investors wronged by their financial advisers can recover their investment losses." James Eccleston and Stephen Berkeley represented William and Jean Torrence. Mr. Eccleston, a partner with the Firm, has been practicing securities law since 1987. A frequent speaker and author, he heads the Firm's Securities Law Practice. Mr. Berkeley is a partner at the firm and a senior member of the securities arbitration and litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. practice team. |
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