Griffin Law Firm, LLC in Indianapolis is pleased to announce the first securities arbitration award in the US against David Lerner Associates for its Apple REIT sales has been decided in the Claimants’ favor.
Griffin Law Firm, LLC filed a simplified claim through FINRA-DR earlier this year. On May 21, 2012, the New York-based arbitrator decided in favor of the Claimants. The award represented 100% of the initial purchase price of the Apple REIT investment. The arbitrator also ordered David Lerner to reimburse Claimants for the FINRA-DR filing fee.
According to FINRA, David Lerner has sold nearly $7 billion worth of the Apple REITs since 1992. More lawsuits are sure to follow.
David Lerner is also the subject of a FINRA investigation into the sales of the Apple REIT investments.
Griffin Law Firm welcomes the opportunity to options for other David Lerner clients who who sold Apple REITs.