One of the three arbitrators on the panel wrote a dissent, disagreeing with the decision to award $1.5 million in compensatory damages, but agreeing with the sanctions. "That further suggests that the sanctions were focused on the conduct during the arbitration," said Park.

National Retirement Partners is being acquired by LPL Holdings Inc., parent of LPL Financial Corp., the nation's largest independent broker-dealer, according to a news release dated July 14. National Retirement Partners' employees will join LPL Financial to form a new division, LPL Financial Retirement Partners.

The deal is expected to close in the fourth quarter.

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