FOR IMMEDIATE RELEASE
For Information Contact: Laise Lowachee
GENOVESE JOBLOVE & BATTISTA ATTORNEYS SECURE $1.9 MILLION FINRA AWARD
MIAMI, FL – August 8, 2013 – A securities arbitration panel awarded a Puerto Rico-based family represented by Genovese Joblove & Battista, P.A. over $1.9 Million against Santander Securities, LLC, a brokerage unit of Grupo Santander. The award was issued on August 6, 2013, by the Financial Industry Regulatory Authority (FINRA) after 10 days of hearings at which Miami-based attorneys W. Barry Blum and Melanie S. Cherdack represented the investors
The family members were recommended a leveraged investment strategy to purchase Puerto Rico Conservation Trust Notes, a tax-advantaged fixed-income security that depended on underlying payments to the trust from R&G Financial Corporation, a bank holding company that failed in 2010. “It was a hard-fought case because the investment strategy was first recommended and the initial investment made at another firm, and the accounts later moved to Santander when the broker joined the firm.” Blum said. “A key issue was the firm’s obligation to supervise the broker when she was making ‘hold recommendations,’ advising the clients to stay with the strategy and renewing loans with Santander’s affiliated bank.” “We are very pleased for our clients,” Cherdack noted. “The award will allow the family to recoup some of the large losses they suffered on this investment.”
Genovese Joblove & Battista, P.A. has offices in Miami and Ft. Lauderdale and represents clients in all Florida courts and throughout the nation, as well as in arbitration forums. The firm handles large and complex litigation in a number of areas including bankruptcy, insolvency, receiverships, franchise litigation, commercial and real estate litigation, white collar defense, employment litigation, and securities arbitration and litigation. In addition, the firm provides advice and consulting services in government affairs and counsel in municipal law.
W. Barry Blum focuses his practice on business litigation, with an emphasis in franchise matters, and he handles FINRA arbitration matters for claimants in securities and employment matters.
Melanie S. Cherdack has over 25 years of experience in securities litigation and arbitration. She also has represented clients before the Securities and Exchange Commission and FINRA on regulatory matters, and has represented brokers in complex securities and employment arbitration proceedings.