Breiman v. Round Hill Securities, Inc. et. al. ⇒ $1.44 million

The Law Offices of Cary S. Lapidus obtained an arbitration award of $1.44 million on behalf of clients who alleged fraud, breach of fiduciary duty and misrepresentations in connection with their securities portfolio.

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“Cary Lapidus is probably the most well prepared attorney with whom I have ever dealt. He has excellent judgment and understanding of the law. Most important of all, he is highly ethical and those who deal with him know that his word is his bond.“
Paul Dubow
Opposing Counsel & Mediator in Six Cases


Case Results

Since entering private practice in 1986, Cary S. Lapidus has represented numerous investors in American Arbitration Association, Pacific Stock Exchange and NASD arbitrations against most of the nation's major securities brokerage firms in matters involving market manipulation, churning, unsuitable recommendations, employee stock options, unauthorized trades, and misrepresentations and omissions of material facts… obtaining settlements, awards and judgments on their behalf in excess of $30 million.


Awards and Settlements Over $1,000,000 (partial)

$2.17 million

Levinthal v. First Republic Securities Company, LLC
The Law Offices of Cary S. Lapidus recovered $2.17 million for clients who sustained losses in a complex municipal arbitrage bond fund. The clients alleged that the fund was unsuitable for them and that the firm that recommended and sold the investment had failed to perform proper due diligence. The award is notable for awarding the full amount of the clients' damages, including out-of-pocket losses and arbitration expenses.


$1.84 million
(including $1 million in punitive damages and interest)

Smurzynski v. Kensington Wells, Inc., et. al.
The Law Offices of Cary S. Lapidus obtained an arbitration award of $1.84 million including $1 million in punitive damages and interest for clients who alleged that the stocks they invested in were manipulated and that material facts were misrepresented to them.


$1.76 million

Hall v. Morgan Stanley Dean Witter, et. al.
The Law Offices of Cary S. Lapidus obtained an arbitration award of $1.76 million for clients who sustained losses in a complex investment known as a Prepaid Variable Forward Contract. The clients also alleged the recommendation of unsuitable investments in their stock portfolio.


$1.56 million (plus attorneys fees and expenses)

WCM, LLC v. Cooper
The Law Offices of Cary S. Lapidus obtained an award of $1.56 million on behalf of a registered investment advisory firm and two of its partners who retained Lapidus to recover money allegedly misappropriated by one of their partners. In addition to the $1.56 million monetary award, Lapidus' clients were awarded their attorneys' fees and expenses. The arbitrator also found that the firm's expulsion of the partner was "For Cause".


$1.54 million

Pacific Stock Exchange v. Cox Securities, et. al.
The Law Offices of Cary S. Lapidus obtained an award of $1.54 million on behalf of the Pacific Stock Exchange who retained Lapidus as special counsel to prosecute the case. In addition to the monetary award, Lapidus obtained a Decision ordered the permanent bar of the Pacific Exchange member from membership with the Pacific Stock Exchange.


$1.44 million

Breiman v. Round Hill Securities, Inc. et. al.
The Law Offices of Cary S. Lapidus obtained an arbitration award of $1.44 million on behalf of clients who alleged fraud, breach of fiduciary duty and misrepresentations in connection with their securities portfolio.


$1.3 million

Teller v. Denison
The Law Offices of Cary S. Lapidus obtained an arbitration award of $1.3 million, including in excess of $349,000 in attorneys' fees and costs on behalf of a client who alleged a breach of contract in connection with the private sale of securities.


$1.01 million

Coutant v. Morgan Stanley Dean Witter, et. al.
The Law Offices of Cary S. Lapidus obtained an arbitration award of $1.01 million on behalf of clients who alleged that their securities brokerage firm failed to diversity their account, placed them in unsuitable investments and misrepresented the risks of options trading.



Additional Awards and Settlements (partial)

Castillo v. Southwest Securities, Inc.
The Law Offices of Cary S. Lapidus obtained an arbitration award that ordered the expungement of language on a Form U-5 to reflect the true reason for an employee's termination from a securities brokerage firm.

Zeigon v. First Replublic Securities Co.
$870,631 on behalf of a client who was the former president of Wall Street banks who alleged the unsuitable recommendation of collateralized debt obligations and a complex municipal arbitrage bond fund.

Kay v. Stone & Youngberg
$750,000 on behalf of a client who alleged that the investment firm that recommended a fund failed to do proper due diligence before making the recommendation. The award is notable because it is one of the few cases in which an investor obtained a recovery from an investment firm which recommended an investment in a Madoff feeder fund. The arbitrators awarded the clients the full amount of their loss. This case was appealed by Stone & Youngberg to the U.S. District Court and then to the Ninth Circuit Court of Appeeals. Lapidus represented the client on each level of the appeals and prevailed at each level.

Dubois v. Morgan Stanley
$750,000 on behalf of a client who alleged that his securities brokerage firm failed to implement a protective hedging strategy that resulted in losses to his stock portfolio. The client also alleged the recommendation of unsuitable investments.

Mitchell v. Murphy Investment
$699,289 on behalf of investors who alleged that their investment adviser recommended unsuitable investments.

Roth v. GKN Securities
$582,215 (rescission value) on behalf of an investor who alleged that his securities brokerage firm did not give him a fair opportunity to meet a margin call. The award is notable because it is one of the few cases in which a client successfully recovered money against a securities brokerage firm for the sale of securities in connection with a margin account.

Safrin v. Essakow
$553,714, includng an award of $500,000 in punitive damages on behalf of an investor who alleged that her broker made misrepresentations and engaged in a scheme to defraud her.

Bourdev v. JPMorgan Chase
$350,000 on behalf of a registered representative/banker who was terminated from JPMorgan Chase. After a full evidentiary hearing, a FINRA arbitration panel awarded $350,000 in compensatory damages for defamation and/or wrongful termination and ordered that the language on her Form U-5 be changed to reflect that she did not engage in any wrongdoing and that the company conducted a deficient investigation.

Misha v. Stone & Youngberg
$250,000 against Stone & Youngberg on behalf of an investor who alleged misrepresentations and omissions and the recommendation of an unsuitable investment in a complex municipal arbitrage bond fund.

Farley v. Blatt
$204,886 on behalf of a client who was an NFL football player. The client alleged that his investment adviser/sports agent and securities broker recommended an unsuitable tax shelter investment. The arbitrators awarded a full recovery plus punitive damages and attorneys' fees. Lapidus represented the client in the appeal of this case and the arbitration award was upheld.

Yost v. Baldwin Capital
$200,000+ on behalf of clients who were employees of a securities brokerage firm. The claims involved breach of contract and claims for employment compensation

Van Hees v. Cowen & Co.
$191,694 plus interest on behalf of a client who was a researh analyst for a major Wall Street securities firm. The client alleged that the firm terminated her to avoid having to pay her a bonus. The arbitrators awarded the client the full amount of her bonus.

Karel v. Prudential Securities
$170,132 on behalf of clients who alleged that their securities brokerage firm recommended an unsuitable limited partnership investment.

Burns v. Prudential Securities
$154,703 on behalf of a client who alleged that his securities brokerage firm recommended an unsuitable investment.

Jensen v. Prudential Securities
$112,000 on behalf of an investor who alleged that his securities brokerage firm made misrperesentations and omissions and recommended an unsuitable investment.

Bridges v. Paine Webber
$101,614 on behalf of an investor who alleged the recommendation of unsuitable investments.


Please contact us for assistance with securities arbitration law, securities litigation, broker misconduct, investment advisor misconduct and investment losses.

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