A Financial Industry Regulatory Authority arbitration panel made the ruling on behalf of David and Amy Wechsler of New Jersey, who filed the case in 2009, seeking $1.3 million. Their allegations included misrepresentation, failure to disclose information and breach of fiduciary duty, according to the award.
E*Trade Securities is the retail brokerage unit of E*Trade Financial Corp. (ETFCD).
The Finra panel also awarded $53,000 in legal fees and a $17,000 reimbursement of expert witness fees to the customers, according to the award, entered by Finra on June 4.
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