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Updated · Law360 · Jun 23Michigan Appeals Court Upholds $3 Million Award Against CIG Capital Advisors
1 articles · Updated · Law360 · Jun 23Summary
- $3 million in damages for a former CIG Capital Advisors employee was upheld Monday by the Michigan Court of Appeals in an equity dispute.
- The panel said sufficient evidence backed a jury's finding that the wealth management firm deliberately misled the plaintiff.
- The ruling leaves intact the trial-court victory for the former employee and reinforces the jury's conclusion on CIG's conduct.
Insights
With a court affirming deception, will federal regulators now investigate CIG Capital Advisors for wider misconduct? After a $3M deception penalty, how will wealth management firms change communication practices to rebuild trust? If a wealth firm deliberately misleads its own staff, what does that signal about risks to its clients' investments?