BNP Paribas Customer Awarded $16.6 Million in Finra Dispute
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BNP Paribas SA, France’s largest bank, must pay a client $16.6 million over a dispute related to one of the bank’s hedge-fund products.
The firm’s securities unit is required to give Ontonimo Ltd. $16.1 million in compensatory damages and $500,000 in legal fees, according to a June 26 arbitration decision on the Financial Industry Regulatory Authority’s website Tuesday. Ontonimo was incorporated to invest the personal assets of BNP Paribas retail clients Margaret and James Eringer, who live in London, said their attorney, Barry R. Lax.