Interactive Brokers ordered to pay $1.2 million

    

(Reuters) - A top discount brokerage, Interactive Brokers LLC, must pay $1.2 million to two Texas siblings who alleged the firm failed to stop "reckless trading" by their trust fund overseer, arbitrators ruled on Tuesday.

The ruling is raising questions among lawyers about the extent to which trading firms should be held responsible when customers make risky bets.

Brian Parker and Jessica Parker Valentine, the siblings, filed their claim in 2013 after $800,000 in a trust established for them in their father's will four years earlier plummeted to about $75,000, said Joseph Marrs, their Houston-based lawyer.

More here: http://www.reuters.com/article/2015/04/28/interactive-arbitration-idUSL1N0XP25V20150428

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