Bank of America loses arbitration to N.J. couple

Wed Apr 28, 2004 07:19 PM ET

By Jonathan Stempel

NEW YORK, April 28 (Reuters) – An arbitration panel ordered Bank of America Corp.’s (BAC.N: Quote, Profile, Research) securities arm to pay a New Jersey couple more than $820,000 because their broker failed to diversify their investments, leading to a big loss, people involved in the case said on Wednesday.

The April 20 award by a New York Stock Exchange arbitration panel to 45-year-old Robert Kadar and 51-year-old Denise Kadar of Edgewater, New Jersey, totals $625,000 plus 9 percent annual interest from Oct. 2000, the plaintiffs’ lawyer, Stuart Meissner, said.

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