Baird wins $1.4M from Morgan Stanley, ex-broker
By Bruce Kelly
Robert W. Baird & Co. Inc. has won a $1.43 million arbitration award against Morgan Stanley and a former Baird broker.
Milwaukee-based Baird alleged that three brokers ‽abruptly left their positions” with the firm and ‽delivered client records to their new employer, Morgan Stanley Dean Witter, for use in solicitation of [Baird s clients],” according to the Financial Industry Regulatory Authority Inc. arbitration award.
While New York-based Morgan Stanley denied the charges in the claim, a three-member Finra arbitration panel last month ordered the firm to pay Baird $1.28 million in compensatory damages. In addition, one of the three former Baird brokers named in the suit, Larry Bluhm, was ordered to pay Baird $150,000 in damages. The arbitrators denied Baird s claims against the two other brokers.
According to Finra records, Mr. Bluhm, who is based in Muskegon, Mich., left Baird in March 2008 to join Morgan Stanley.
A Morgan Stanley spokeswoman declined to comment.
Finra is based in New York and Washington
Copyright 2009 Crain Communications Inc.
Robert W. Baird & Co. Inc. has won a $1.43 million arbitration award against Morgan Stanley and a former Baird broker.
Milwaukee-based Baird alleged that three brokers ‽abruptly left their positions” with the firm and ‽delivered client records to their new employer, Morgan Stanley Dean Witter, for use in solicitation of [Baird s clients],” according to the Financial Industry Regulatory Authority Inc. arbitration award.
While New York-based Morgan Stanley denied the charges in the claim, a three-member Finra arbitration panel last month ordered the firm to pay Baird $1.28 million in compensatory damages. In addition, one of the three former Baird brokers named in the suit, Larry Bluhm, was ordered to pay Baird $150,000 in damages. The arbitrators denied Baird s claims against the two other brokers.
According to Finra records, Mr. Bluhm, who is based in Muskegon, Mich., left Baird in March 2008 to join Morgan Stanley.
A Morgan Stanley spokeswoman declined to comment.
Finra is based in New York and Washington
Copyright 2009 Crain Communications Inc.
