Raymond James and Two Financial Advisors Win $16.4 Million Arbitration Award Against Deutsche Bank

Posted on May 2nd, 2023 at 2:01 PM
Raymond James and Two Financial Advisors Win $16.4 Million Arbitration Award Against  Deutsche Bank

From the desk of Jim Eccleston at Eccleston Law 

A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered Deutsche Bank to pay $16.4 million to Raymond James and two financial advisors in a dispute regarding fees. 

Raymond James and two of the firm’s financial advisors, Michael Kuras and Patrich Marsh, filed an arbitration claim against Deutsche Bank in September 2021 alleging that the bank failed to make revenue-sharing payments and pay residual fee trailers on ten commercial loans. Raymond James and the two financial advisors initially sought nearly $48 million in damages by alleging breach of contract and breach of implied covenant of good faith and fair dealing.

The three-person arbitration panel determined that Deutsche Bank was liable in each of the ten loan transactions, and awarded Raymond James $16,396,992 in compensatory damages. Deutsche Bank was ordered to directly pay the award to Raymond James, which will be “jointly and severally responsible” for allocating certain portions of the award to Kuras and Marsh.

 

Eccleston Law LLC represents financial advisors and investors nationwide in securities, employment, transition, regulatory and disciplinary matters.

 

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