Lazaro quoted in The Street

Christine Lazaro

Professor Lazaro was quoted in The Street on shared responsibility defenses raised by brokerage firms during arbitrations.  The article covered a panel on the topic from the PIABA Annual Meeting in late October on which Professor Lazaro participated:

 

Christine Lazaro, director of the Securities Arbitration Clinic at St. John’s University in Queens, N.Y., told an audience of Piaba members that even in cases where salespeople have put customers into inappropriate investments, financial firms are arguing that the client — not the broker — has failed at their duty to properly monitor an account.

That makes no sense, she said, because brokers have an obligation to recommend suitable investments in the first place. How can vigilant monitoring help the investor who started off with a portfolio that was never right for them?

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