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...
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