Stifel Financial has agreed in principle to settle with investors who won a Financial Industry Regulatory Authority arbitration award totaling $133 million tied to barred broker Chuck A. Roberts' structured notes strategy.
The plaintiffs, the Janetti family, filed a notice on Friday that "the parties have agreed to a settlement in principle of this matter," and asked the court to stay the litigation for 30 days to allow them to reach a settlement agreement.
AdvisorHub reported on the agreement Monday.
In March, a federal district judge in Miami refused to vacate the award, accepting a magistrate judge's recommendation.
U.S. District Judge Darrin P. Gayles granted the plaintiff's request to confirm the arbitration award, denied Stifel's motion to vacate it and awarded the plaintiff interest, closing the case, according to the court order. Stifel plans to appeal.
A Stifel spokesperson reached by email declined to comment.
Stifel faces up to 19 additional claims tied to Roberts, according to the broker-dealer's annual report filed in late February with the Securities and Exchange Commission.
Stifel headquarters in St. Louis. Courtesy photo.
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