Defense verdict in a binding non-appealable FINRA.
We obtained a defense verdict in a binding non-appealable FINRA. The claimant alleged the variable annuity recommended for his IRA was unsuitable and that he lost profits of $672,000. However, the Panel agreed with our agrument that the variable annuity was suitable for the claimant's account as it gave him the guaranteed income he needed in retirement and that he did not suffer any damages recoverable in arbitration. The Panel also assessed one half of the forum fees against the claimant.