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| Legg Mason Securities Arbitration |
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Legg Mason & Co. LLC
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| Winston & Strawn represented asset management firm Legg Mason in a lawsuit brought by the beneficiaries of three separate trusts alleging breach of contract, negligence, failure to supervise, suitability, breach of fiduciary duty, and misrepresentations and omissions. The claimants sought $6 million in actual damages and an unspecified amount of punitive damages. Prior to his death in 2002, the trustee of the trust at issue had bought and sold well over $50 million of securities. His daughter, a beneficiary of the trust, brought the case alleging that her father never would have invested in such risky securities. After eight days of arbitration hearings, a three-judge NASD arbitration panel dismissed all claims with prejudice against Legg Mason and the broker in charge. The NASD panel ultimately found that the investments were suitable for the trustee?s investment objectives. |
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