Brokers Are Two-Faced On Fiduciary Duty, Bar Group Says
Law360, New York (March 25, 2015, 8:30 PM EDT) -- Brokers like Merrill Lynch and Charles Schwab advertise that they act in customers' best interests, but behind the closed doors of arbitration fights they say they have no such duty, according to a new report released Wednesday by the Public Investors Arbitration Bar Association, which said that without fiduciary duty rules brokers are acting like used-car salesmen.
The report comes as the U.S. Securities and Exchange Commission and U.S. Department of Labor look to take action on Dodd-Frank recommendations for a fiduciary-duty standard; PIABA says those actions can't come soon enough and investors are losing some $18 billion per year because of...
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