JPMorgan to Pay Ashley $1.9M over Auction-Rate Sales

April 29, 2012  by in UnCategorized   

By Aggregated Content in Legal on April 30, 2012 from http://www.4-traders.com/JPMORGAN-CHASE-CO-4831/news/JPMorgan-Chase-Co-JPMorgan-to-pay-$1-9-million-over-auction-rate-sales-14304645/

Securities regulators ordered JPMorgan Securities LLC, a unit of JPMorgan Chase & Co, to pay a client $1.9 million in damages related to sales of auction-rate securities, a fraction of what the client had sought.

Ashley Furniture Industries, a manufacturer based in Arcadia, Wis., had claimed $26.7 million in actual damages and asked for an equal amount in punitive damages.

An arbitration panel of the Financial Industry Regulatory Authority awarded Ashley just $1.9 million in compensatory damages and required both parties to bear their own arbitration expenses. 

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