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Raymond James Financial

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Judge blocks $13 million arbitration against SunTrust

SunTrust Banks Inc won a court order on Friday preventing a Connecticut-based hedge fund from moving forward with a $13 million arbitration over mortgage-backed securities.The ruling by District Judge Naomi Reice Buchwald in Manhattan blocks Turnberry Capital Management LP from pursuing a securities arbitration before the Financial Industry Regulatory Authority.The decision marks the latest in a string of lawsuits filed by banks disputing the ability of investors with big damage claims to have their cases heard by FINRA, a Wall Street industry-funded group. Some plaintiffs who claim large damages prefer FINRA as a venue rather than courts, in part because the arbitration process is considered quicker.SunTrust filed the lawsuit in February, three months after Turnberry brought its arbitration claim in an effort to recover $13 million plus interest it lost on a 2007 investment in mortgage-backed securities.The securities were issued by SunTrust. Turnberry, which ceased business in 2008, ...

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  1. Raymond James to Drop Morgan Keegan Name; Stock Climbs on Strong First-Quarter Results

    Raymond James Financial Inc. (RJF) Chief Executive Paul Reilly said the investment bank and brokerage, which acquired Morgan Keegan last April, plans to drop the reg...

  2. Raymond James CEO: 100 Consecutive Quarters of Profitability

    Raymond James CEO Paul Reilly on the company’s earnings and outlook.

  3. Veteran Broker Departures Shift $133 Billion Client Assets in 2012

    Brokerages saw top advisers depart in droves last year and shift $132.5 billion in client assets with them, a Reuters tally shows, creating headaches for some Wall S...

  4. Veteran broker departures shift $133 billion client assets in 2012

    Brokerages saw top advisers depart in droves last year and shift $132.5 billion in client assets with them, a Reuters tally shows, creating headaches for some Wall S...

  5. Morgan Keegan asks court to declare it fully paid ex-NBA star

    Morgan Keegan & Co. has asked a federal court to resolve its dispute with retired basketball player Horace Grant over $333,000 in interest that Grant says the broker...

  6. Raiding claims keep broker recruiting in check

    For brokerage firms, there's a fine line between aggressively recruiting financial advisers and raiding the competition - a difference that could cost millions of do...

  7. Analysis: Stifel CEO puts reputation on line with KBW buy

    Over the past seven years, Stifel Financial Corp Chief Executive Ronald Kruszewski has impressed Wall Street with a series of acquisitions that quintupled the region...

  8. STREET MOVES: Morgan Stanley Nabs Advisers From Wells Fargo

    Morgan Stanley's (MS) retail brokerage has added three new brokers whose combined annual production is nearly $4.2 million.Leon Ciobataru and Luiz Boruchowski joined...

  9. Raymond James Net Jumps 21% on Lighter Tax Hit

    Raymond James Financial Inc.'s (RJF) fiscal fourth-quarter profit rose 21%, helped by a far lighter tax bill than the prior year.Raymond James in April bought Region...

  10. CME Challenger Struggles In Largest U.S. Derivatives Market

    A push by big Wall Street banks to challenge the dominance of CME Group Inc. (CME) in handling financial futures is struggling as business on their trading platform ...

  11. Time to Invest in Equities or Fixed Income?

    Janney Montgomery Scott Chief Economist Mark Luschini and Raymond James Financial Head of Fixed Income Kevin Giddis on where to invest in the current market.

  12. Merrill ordered to pay couple $1.34 million over Fannie Mae shares

    Merrill Lynch must pay $1.34 million to a Florida couple who alleged the brokerage misrepresented the risks of Fannie Mae preferred shares in 2009, when the housing ...

  1. UBS Americas hires in-house experts to spur life insurance sales

    After years of urging its financial advisers to sell more life insurance, UBS Wealth Management Americas is bringing in full-time experts and offering financial ince...

  2. Feds, Banks Brace as Hackers Launch OpUSA

    A group of activist hackers kicked off an ambitious cyber operation on Tuesday that targeteted a slew of high-profile American targets, however the Group Anonymous a...

  3. Raymond James invests in training, even as other firms cut back

    At a time when some larger Wall Street firms are trimming training programs to cut costs, Raymond James Financial Inc is bulking up its plan to develop the next gene...

  4. Financial Stocks Up As Jobless Claims Drop

    Financial stocks were up on Thursday, as weekly jobless claims fell to the lowest level in six weeks, increasing confidence for an economic recovery. The Financial S...

  5. Nasdaq Sees Deal Possibilities In Forex, Bonds

    Nasdaq OMX Group Inc. (NDAQ) sees foreign exchange and fixed-income businesses as more likely targets for expansion via acquisitions than partnering with another big...

  6. Raymond James's Morgan Keegan Deal Looking Better

    A rising stock market is breathing new life into Raymond James Financial Inc.'s (RJF) acquisition of Morgan Keegan & Co.While management projected a slight earnings ...

  7. NYSE To Close Block-Trading Market

    NYSE Euronext (NYX) plans to shutter a subsidiary stock-trading unit set up to handle big share orders, saying the venture failed to attract enough business.The Big ...

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