Wall Street’s Kangaroo Court Gets a Black Eye

Wall Street’s Kangaroo Court Gets a Black Eye

“Sunlight is said to be the best of disinfectants,” the future Supreme Court Justice Louis Brandeis famously wrote in a 1913 article for Harpers’ Weekly, and now, almost 100 years later, there is evidence that Brandeis was right.

On July 9, I wrote a column describing how the Financial Industry Regulatory Authority, Wall Street’s self-policing organization, seemingly out of nowhere fired three arbitrators in the months after a May 2011 case in which they awarded $520,000 to the estate of the late Robert Postell. The finding was against Postell’s former broker, Merrill Lynch, a subsidiary of Bank of America Corp.

One after another over a period of about a year, the arbitrators — Ilene Gormly, Daniel Kolber and Fred Pinckney — received what are known as “black spot” letters from Finra, removing them from the roster of those empowered to adjudicate the thousands of lawsuits brought each year by Wall Street employees and customers against financial firms.

Rest here…

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