Published: Wednesday May 7, 2008
Steven Bruce-Miller has dropped his front-running complaint against Scotia DBG Investment Limited and has settled with the brokerage firm after a year of delays and setbacks in the case.
His lawyer, Oswest Senior Smith, advised the Jamaica Stock Exchange Discipli-nary Committee on May 1 that the matter was being dropped.
The committee is chaired by Hilary Phillips, QC.
On Tuesday, Bruce-Miller, a chartered financial analyst with a background in invest-ment, told Wednesday Business that an applicable settlement had been reached, but said any other comment would have to come from Scotia DBG as a condition of the agreement.
CEO Anya Schnoor said the company's legal counsel was fashioning the statement.
Bruce-Miller had alleged in April 2007 that the stockbrokerage unit of Scotia DBG Investment, formerly Dehring Bunting and Golding, instead of satisfying his purchase request of 100,000 shares on the JSE - a $1.2 million transaction - placed an order for 50,000 shares on his behalf and acquired the rest for itself.
That, he said, cost him $2 million of profit on the transaction.
Scotia DBG in turn denied any wrongdoing.
Source:
Sabrina Gordon
Jamaica Gleaner
http://www.jamaica-gleaner.com/gleaner/20080507/business/business4.html
sabrina.gordon@gleanerjm.com
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