{"id":5407,"date":"2013-02-09T00:00:00","date_gmt":"2013-02-09T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2013\/02\/oppenheimer_must_pay_30m_to_us"},"modified":"2022-04-04T15:16:42","modified_gmt":"2022-04-04T20:16:42","slug":"oppenheimer-must-pay-30m-to-us","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/oppenheimer-must-pay-30m-to-us\/","title":{"rendered":"Oppenheimer Must Pay $30M to US Airways Group Over ARS Losses"},"content":{"rendered":"\n

A Financial Industry Regulatory Authority arbitration panel says that Oppenheimer & Co.<\/a> has to pay US Airways Group Inc. (LCCC) $30 million for losses that the latter sustained in auction-rate securities. The securities arbitration case is related to the airline group\u2019s contention that the financial firm and one of its former brokers misrepresented certain ARS that were structured and private placement.<\/p>\n

US Airways had initially sought $110M in compensatory damages and $26 million in interest and legal fees. The FINRA panel, however, decided that Oppenheimer and its ex-broker, Victor Woo, owed $30 million\u2014Woo\u2019s part will not be greater than what he made in commissions. Oppenheimer is now thinking about whether to submit a motion to vacate the arbitration panel\u2019s order. <\/p>\n

The financial firm is, however, going to go ahead with the arbitration it had filed against Deutsche Bank (DB) to get back the award money and associated costs from this case. Oppenheimer\u2019s claim against Deutsche Bank is linked to the US Airways case but became a separate proceeding in 2010. <\/p>\n

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

A Financial Industry Regulatory Authority arbitration panel says that Oppenheimer & Co. has to pay US Airways Group Inc. (LCCC) $30 million for losses that the latter sustained in auction-rate securities. The securities arbitration case is related to the airline group\u2019s contention that the financial firm and one of its former brokers misrepresented certain ARS […]<\/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":[3865,3752,3786],"tags":[],"class_list":["post-5407","post","type-post","status-publish","format-standard","hentry","category-auction-rate-securities","category-financial-firms","category-oppenheimer"],"yoast_head":"\nOppenheimer Must Pay $30M to US Airways Group Over ARS Losses — Investor Lawyers Blog — February 9, 2013<\/title>\n<meta name=\"description\" content=\"A Financial Industry Regulatory Authority arbitration panel says that Oppenheimer & Co. has to pay US Airways Group Inc. 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