A regulatory panel ruled against National Planning Corp. in a client dispute Tuesday, saying the firm must pay the claimant $1.6 million in compensatory damages, $1 million in punitive damages and about $45,830 in costs.
Jackson National Life, which may still own NPC liabilities, didn’t immediately respond to requests for comment.
LPL Financial bought NPC and three other National Planning Holdings broker-dealers in 2017. However, the independent broker-dealer says it bought just NPH’s assets and not its brands and/or regulatory liabilities, according to an LPL spokesperson.
(The remaining NPC website indicates that all non-investment related questions for the firm should be directed to Jackson National Life.)