The Miami firm of Tew Cardenas Rebak Kellog Lehman DeMaria Tague Raymond & Levine is suing Northern Trust on behalf of 10 plaintiffs:
"What Northern Trust did, Raymond said, was provide the same stocks to many customers regardless of the customer profile or risk tolerance. It also faced a conflict of interest, he said, in that it paid its employees more for selling stocks listed as preferred investments.
Northern Trust declined to comment specifically on Taylor's case, citing company policy. However, an attorney for the company said the case "is without merit and ... we intend to vigorously defend our position."
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