FINRA orders Stifel unit to pay $132 million in damages

Published: 2025-03-13 06:30:23 ET SF

March 13 (Reuters) - Stifel Financial said on Thursday the Financial Industry Regulatory Authority has ordered its subsidiary to pay about $132 million in damages related to allegations regarding investment recommendations.

St. Louis, Missouri-based Stifel said it would seek judicial review on the order against Stifel, Nicolaus & Company, Incorporated — a full-service retail and institutional wealth management and investment banking company.

"The claims were brought by a sophisticated family of experienced and aggressive investors who understood the risks involved, participated in the selection of investments, monitored them closely and only complained after incurring losses," Stifel said in a statement. (Reporting by Pritam Biswas in Bengaluru; Editing by Shilpi Majumdar)