Edward Jones Bashes Ameriprise and Its Financial Advisor in Competition Case
A
FINRA arbitration panel just ordered Ameriprise Financial Services, LLC to pay
Edward Jones 1) over $500,000 in compensatory damages, 2) $375,000 in punitive damages,
and 3) $1,125,000 in attorneys' fees.
The panel ordered Ameriprise’s advisor, formerly with Edward Jones, to
pay 1) over $1,300,000 in compensatory damages, and 2) $750,000 in punitive
damages. The awards were based upon a variety
of claims by Edward Jones, including 1) breach of an employment contract, 2)
misappropriation of trade secrets, and 3) tortious interference with a
contract.
Ameriprise and its new advisor
brought a variety of...
Buying or Selling a Financial Advisor’s Book of Business: Legal and Practical Considerations
Buying or selling a financial advisor’s “book of business”
may sound straightforward: determine revenue, apply a valuation method,
negotiate a price and complete the transfer.
In practice, these transactions can be considerably more
complicated.
An advisory book is built around client relationships. Those
relationships may be affected by employment agreements, restrictive covenants,
confidentiality obligations, regulatory requirements, transition arrangements
and, most importantly, decisions made by the clients themselves.
Before negotiating price, the parties should ask: What
exactly is being bought?
Purchasing an...
Plaintiff Escapes Arbitration
In
Michael Waller v. Commerce Bank, et al., Commerce Bank appealed
the interlocutory order of the Circuit Court of Jackson County, Missouri
(“circuit court”), denying Commerce Bank’s motion to compel arbitration of Mr.
Michael Waller’s (“Waller”) claims under the Missouri Human Rights Act
(“MHRA”). Because there was an
unambiguous exclusion clause within the arbitration provision that was
applicable to the undisputed facts of the underlying lawsuit relevant to this
appeal, the Court of Appeals affirmed the circuit court’s denial of Commerce
Bank’s motion...
ARE YOU LOOKING FOR A ST. LOUIS BASED SECURITIES FRAUD LAW FIRM?
If you are, look no further. Indeed, if you use Google for your law firm
search you will probably find about 10 law firms that actually have little or
nothing to do with St. Louis. Are you
getting the best firm for your needs, or the firm that paid to play on the
internet?
Cosgrove Simpson began representing investors and members of the industry in 2006. Some cases have gone to court, while others
have gone to an arbitration forum such as FINRA, JAMS, or AAA. If you are seeking experienced counsel
regarding claims of fraud or negligence related to an investment, please call and ask for one of our St....
FINRA Discloses Its September 2025 Disciplinary and Other Actions
The
self-regulatory body that monitors the conduct of financial professionals just
issued its results for last month. The following are just a sampling of the
summaries it provided:
Greenbird
Capital, LLC (CRD #306692, Boca Raton, Florida)
July
24, 2025 - An AWC was issued in which the firm was censured and fined $50,000.
Without admitting or denying the findings, the firm consented to the sanctions
and to the entry of findings that it lacked a system reasonably designed to
supervise solicitations of private placement offerings. The findings stated
that the firm’s written procedures did not prohibit registered...