LPL Financial Gets $1.6M FINRA Arbitration Award Confirmed

By Emilie Ruscoe (February 18, 2021, 7:25 PM EST) -- A federal judge in Houston on Thursday affirmed the $1.6 million Financial Industry Regulatory Authority arbitration award that wealth management firm LPL Financial LLC paid two banking customers, but declined to bring a stop to a second arbitration proceeding the customers filed.

In U.S. District Judge Nancy F. Atlas' order, she determined the court was duty-bound to affirm the arbitration sum but said the federal Anti-Injunction Act prevented her from enjoining the second arbitration claim, which came out of a second state court proceeding brought by the banking customers.

The dispute dates back to December 2015, when Rio Grande City residents...

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