Arbitration Panel Orders Deutsche Bank To Pay $5.8M

Law360, New York (September 8, 2006, 12:00 AM EDT) -- A National Association of Securities Dealers arbitration panel has ordered Deutsche Bank to pay $5.8 million to three brothers who accused the bank of investing their money in high-risk stocks without their consent.

Charles, John and Robert Switzer accused the bank of allowing a Deutsche Bank broker to take advantage of their inexperience as investors and push them into investing $8 million each in illiquid alternative funds.

The NASD panel sided with the brothers, ruling that Paul Young, their Deutsche Bank investment advisor, “was negligent and...
To view the full article, register now.