{"id":4589,"date":"2008-03-26T16:27:10","date_gmt":"2008-03-26T16:27:10","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2008\/03\/investor_told_to_arbitrate_con"},"modified":"2022-03-25T15:10:02","modified_gmt":"2022-03-25T20:10:02","slug":"investor-told-to-arbitrate-con","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/investor-told-to-arbitrate-con\/","title":{"rendered":"Court Says Investor Must Arbitrate Claims Against Broad Street Securities, Pershing LLC, and Bank of New York Mellon Over Contract Alterations"},"content":{"rendered":"

\t\t\t\tThe U.S. District Court for the Eastern District of Michigan has concluded that Mouayad Shammami, an investor that is accusing brokerage firm Broad Street Securities Inc. of fraudulently inducing him to change his investment goals, must arbitrate this dispute rather than pursue the matter through the courts. <\/p>\n

In 2004, Shammami entered into an agreement with Broad Street stating that the brokerage firm would give him investment and management advice. Broad Street and clearing broker Pershing LLC had their own agreement between them that allowed Broad Street to ask Pershing to trade securities for Shammami. Shammami and Pershing entered into a marginal agreement in 2005, which contained a pre-dispute arbitration clause.<\/p>\n

In 2007, Shammami filed a lawsuit alleging that Broad Street and Pershing traded securities and churned his account without honoring his stated investment goals. Pershing and its parent company Bank of New York Mellon LLC filed a motion to have the case dismissed. Per the terms of the agreement with Shammami, both firms wanted to resolve the dispute in arbitration. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The U.S. District Court for the Eastern District of Michigan has concluded that Mouayad Shammami, an investor that is accusing brokerage firm Broad Street Securities Inc. of fraudulently inducing him to change his investment goals, must arbitrate this dispute rather than pursue the matter through the courts. In 2004, Shammami entered into an agreement with […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3798],"tags":[],"class_list":["post-4589","post","type-post","status-publish","format-standard","hentry","category-arbitration"],"yoast_head":"\nCourt Says Investor Must Arbitrate Claims Against Broad Street Securities, Pershing LLC, and Bank of New York Mellon Over Contract Alterations — Investor Lawyers Blog — March 26, 2008<\/title>\n<meta name=\"description\" content=\"The U.S. District Court for the Eastern District of Michigan has concluded that Mouayad Shammami, an investor that is accusing brokerage firm Broad Street — March 26, 2008\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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