Arbitration Ordered In $6M Suit Over E&O Policy

Law360, New York (April 15, 2009, 12:00 AM EDT) -- The owners of an investment advisory firm seeking indemnification from broker-dealer Securities America Inc. for a $6.3 million judgment in an investment fraud suit must arbitrate their claims, a judge has ruled.

Judge James V. Selna of the U.S. District Court for the Central District of California on Wednesday stayed the case after granting SAI's motion to compel the Investment and Money Management Group Inc. and its principals to arbitrate.

IMMG's principals Erle M. Petrie and A. Gary Osentoski are registered representatives of Omaha, Neb.-based SAI...
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