Stifel Ordered to Pay $132.5 Million in Damages to U.S. Family, Ruled FINRA
By Jonathan Stempel () – A Financial Industry Regulatory Authority arbitration panel directed Stifel Financial to compensate a family with $132.5 million due to misleading them about the risks associated with intricate structured notes, leading to substantial financial losses as stated by their attorney. On Wednesday, a panel consisting of three members granted $26.5 million in compensatory damages, $79.5 million in punitive damages, and $26.5 million for legal costs to David Jannetti from Miami Beach, Florida, along with his children Sarah, Adam, and Leah based in New York. On Thursday, Stifel announced plans to appeal, describing the Jannettis as a "sophisticated clan of seasoned and assertive investors." According to them, these individuals were well aware of the potential risks, actively participated in selecting their investments, kept close tabs on their performance, and only voiced dissatisfaction once they incurred losses. The Jannettis requested a Miam...