LOS ANGELES, Nov. 16, 2010 (GLOBE NEWSWIRE) -- The law firm of Shepherd Smith Edwards & Kantas (www.sseklaw.com) continues to investigate and file ARS claims in light of recent awards. Recently, a Financial Industry Regulatory Authority (FINRA) arbitration panel in Los Angeles ordered Oppenheimer to pay $668,816, in an auction rate securities (ARS) case. The claimants had claimed that the ARS were marketed and sold to them as being as safe as cash and highly liquid so that they would always have access to their money. This was obviously not the case. When the market froze in February 2008, investors were denied access to their funds. The award called for Oppenheimer to rescind the sale of $650,000 worth of the ARS and repurchase them from the claimants. It also ordered them to pay $18,441 for expert witness fees, $375 for the non-refundable portion of the filing fee and $18,000 in forum fees for the arbitration. (FINRA #09-01568; Jordan H. Moffet and Margot A. Trombley, Individually and as Trustees of the Moffet Family Trust v. Oppenheimer & Company, Inc.)
Shepherd Smith Edwards & Kantas LLP has a team of attorneys, consultants and others with more than 100 years of combined experience in the securities industry and in securities law. Since 1990, we have represented thousands of investors nationwide to recover losses. We have represented clients in Federal and state courts and in arbitration through the Financial Industry Regulatory Authority (FINRA), the New York Stock Exchange Inc. (NYSE), the American Arbitration Association (AAA) and in private arbitration actions. Collectively, we have represented clients in more than 1,000 matters in negotiation, mediation, arbitration and litigation.