An arbitration panel of the US watchdog Financial Industry Regulatory Authority (Finra) has ordered JP Morgan Securities (JPMS) and two of its ex-brokers to pay US$19m in damages to an elderly investor of structured products.
Beverley Schottenstein, a Florida-based senior investor, was initially seeking US$10m in compensatory damages as well as punitive damages in her arbitration claim, within her capacity as an individual and trustee of her revocable trust. Schottenstein belongs to the family that owns holding company Schottenstein Stores Corp. Avi and Evan Schottenstein, the two former JPM S registered brokers named in the suit, are also the claimant’s grandsons. The claim alleges that Schottenstein&rs