Merrill Lynch Must Pay $3.6M To Heiress In Trading Dispute

Law360, New York (September 12, 2012, 12:00 AM EDT) -- A Financial Industry Regulatory Authority arbitration panel on Tuesday ordered Merrill Lynch Capital Services Inc. to pay $3.6 million to Brazilian banking heiress Camelia Nasser de Kassin over unauthorized trades in her brokerage account that she said cost her more than $21 million.

The panel ruled that Merrill Lynch is liable to Kassin's Sophin Investments SA for $6.1 million in compensatory damages for her claims of breach of fiduciary duty, fraud and failure to supervise, but also determined that Sophin should pay the brokerage $2.5 million...
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