Investor Lawyers Blog
A recent arbitration decision against Fisher Investments is reportedly not the first time JAMS arbitration has heard Fisher Investments complaints. At least two other actions concerning Fisher Investments performance have been filed against the firm in recent years, alleging the company put too much of an investor’s account in equities, which resulted in massive losses when the market collapsed.
In 2009, at least two investor claims were reportedly filed against Fisher Investments alleging breach of fiduciary duty. One was a lawsuit, filed by investor Maurine Ford, who says that Fisher Investments purchased her assets in 2008; prior to that, her living trust was managed by Lighthouse Capital Management LLP. According to the plaintiff, when the account was transferred to Fisher Investments, it was 27 percent cash, 41 percent equities and 32 percent fixed income. Ford alleges once Fisher took over the account, it recommended reallocation so that it could be 100 percent invested in equities.
When the market collapsed, Ford reportedly lost a substantial amount from her living trust.