A 90-year-old self-made millionaire won about $1.1 million from a Chicago brokerage firm and two brokers accused of churning her longtime stock account.
Josephine DesParte, of Inverness, won the case arbitrated through the Financial Industry Regulatory Authority, known as FINRA, the organization that oversees brokerage firms nationwide. The panel decided that DesParte should recover her stock losses of $655,146, all capital gains taxes paid by the liquidation of long-held stocks of $380,000, and the return of $82,719 in fees that the brokers had charged. Attorney fees and punitive damages were not awarded, according to a FINRA document late Monday.
"I'm happy. I just wanted what I lost," DesParte said Tuesday. "And that's what I got. I didn't pursue punitive damages. I didn't care about that."
DesParte's lawyer filed the complaint earlier this year against William Blair & Co. LLC, which was accused of breach of fiduciary duty.
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Inverness Widow Wins $1.1 Million in Law Suit Against Brokerage Firm