Stifel subsidiary ordered to pay ~$132M in FINRA arbitration award

STIFEL FINANCIAL CORP

FINRA panel ordered Stifel, Nicolaus & Company to pay ~$132 million, including punitive damages and attorneys' fees.
Award stems from allegations regarding investment recommendations to a sophisticated family of investors.
Stifel plans to seek judicial review, calling the award unsupported by facts or law.
Case brought by experienced investors who understood risks and monitored investments, per Stifel.
Company disclosed arbitration decision on March 12, 2025; press release issued March 13, 2025.

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