Business Services Industry
Ill-Advised Cocoa, Fla., Widow Wins $198,000 Judgment from Fund Brokers.
Knight Ridder/Tribune Business News, December, 2003
By Barry Flynn, The Orlando Sentinel, Fla. Knight Ridder/Tribune Business News
Dec. 6--A retired Cocoa widow who had to go back to work part-time because of investment losses has won an award of $198,000 plus interest against the Morgan Stanley Dean Witter stock brokerage for guiding her into unsuitably risky, high-commission mutual funds operated by the company.
The award was highly unusual because it provided for punitive damages, something not often included in such arbitration judgments.
Two brokers, Matthew J. Kanarick, 37, and Gregory J. McKay, 56, also were cited by the three-member arbitration panel for "breaches of fiduciary duties and negligence." The company's district manager, Susan Kahn, knew about and approved the...
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