Customers Cases

The Iavarone Law Firm obtained an award in excess of $5 million against Neuberger Berman involving a claim by two California and one Illinois customer who were sold Lehman Brothers Structured Notes in the summer of 2008. The award, which granted the customer’s claims for rescission, involved the sale of Lehman Brothers comBATS and XLF structured notes. The panel awarded interest at 3% per year until the award is satisfied and also awarded the Illinois Claimant attorney’s fees. The award included $1 million for one of the California customer’s investment in LibertyView Credit Select, a proprietary Neuberger Berman fund that had hypothecated assets to Lehman Brothers. The Illinois customer was awarded attorney’s fees under the states consumer protection law. The hearing was held May 16-22, 2011 in Chicago, Illinois. Read the award.

N. D. Iowa, C-01-3021-MWB (Sioux City, IA) Jury verdict in federal court in favor of farmers who sued local grain elevator for the sale of hedge-to-arrive contracts. Compensatory damages of approximately $1.2 million and $1.1 million in punitive damages.

FINRA Arb. No. 04-06328 (Chicago, IL) Claim for failure to deliver stock in company that went public so that the shares could not be sold at the initial offering. Approximately $180,000 in damages to compensate for the loss in value of the stock at the public offering until it could be sold.

FINRA Arb. No. 04-06328 (Dallas,TX) A suitability case in which Nick obtained an award of approxomately $400,000 in and attorneys fees of $97,800.

No. 5-97-0325 (Edwardsville, IL) Nick obtained a jury verdict of $10,000 and punitive damages of $200,000 for a farmer who was being sued fro $2 million dollars by a local grain elevator.

FINRA Arb. N0. 04-06264 (Las Vegas, NV) Nick obtained an award of $164,000 in compensatory damages, $20,000 in attorneys fees plus interests and costs.

FINRA Arb. No. 05-02096 (San Francisco, CA), Suitability claim in Which Nick obtained an award of $295,000 in compensatory damages.

FINRA Arb. No. 05-00266 (Detroit, MI), Suitability claim in which Nick received an award of S125,000 in compensatory damages, $12,500 in interest, $18,000 in attorney’s fees, and $5,000 in expert witness fees.

FINRA Arb. No. 04-05620 (Boca Raton, FL),Excessive use of margin claim in which Nick obtained an award of $68,000 in compensatory damages and approximately $23,000 in attorney’s fees.