Stifel Financial Corp. (NYSE: SF) recently faced an adverse FINRA arbitration award, where its subsidiary Stifel, Nicolaus & Company, Incorporated was ordered to pay approximately $132 million, inclusive of punitive damages and attorneys’ fees, in connection with allegations regarding investment recommendations. The company plans to seek judicial review of this award, asserting that it is not supported by the facts or the law. The claims were brought by a family of experienced and aggressive investors who participated in the selection and monitoring of investments and only complained after incurring losses.
For further details about the company, Stifel Financial Corp. is a financial services holding company headquartered in St. Louis, Missouri. It conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through various divisions, in Canada through Stifel Nicolaus Canada Inc., and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited.
No further figures or metrics were provided in the press release. The market has reacted to these announcements by moving the company's shares -2.2% to a price of $93.07. For more information, read the company's full 8-K submission here.
