I was quoted on the Compliance Watch blog by Suzanne Barlyn. Suzanne is a well-respected reporter on the financial scene. She knows who to talk to and asks the right questions.
This article was written about former Lehman Brothers brokers who are left defending claims regarding products sold while they were employed at Lehman. With the bankruptcy of Lehman, there is no traditional “deep pocket” so investors are looking to their broker for restitution. This is generally not an effective strategy as most brokers do not have the kind of money the client is looking for.
The larger firms generally do not have insurance against these claims. So the brokers are unprotected as well.
That’s the view of one lawyer from Jupiter, Palm Beach County, Florida. I’m Marc Dobin.