Investors Must Pay Goldman $1M After FINRA Loss

Law360, New York (June 04, 2012, 6:48 PM ET) -- A Financial Industry Regulatory Authority arbitration panel on Thursday ordered a Tennessee couple to pay $1 million to Goldman Sachs Group Inc. for attorneys' fees after it dismissed the couple's “clearly erroneous” claims related to a massive 2008 stock loss.

The FINRA arbitration panel cited the Tennessee Securities Act in ordering Eric P. and Barbara G. Snyder to pay Goldman Sachs $500,000 each after it dismissed the couple's claims against the investment bank, noting that the law allows a court to impose attorneys' fees penalties against...
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