BERNARD FRANCIS SHAUGHNESSY is currently employed as a Broker and/or Investment Adviser at PRUCO SECURITIES, LLC. located at One Lincoln Centre, 18W 140 Butterfield Rd - Suite 1502-A, OAKBROOK TERRACE, IL, 60181.
BERNARD FRANCIS SHAUGHNESSY has worked at PRUCO SECURITIES, LLC. since January 07, 2013
BERNARD FRANCIS SHAUGHNESSY has 1 Disclosure Event(s).
Date: August 11, 2016 Category: Customer Dispute Allegations: THE PLAINTIFFS IN THE [THIRD PARTY], ET AL. LAWSUIT FILED AN AMENDED PETITION ON MAY 31, 2012. ALTHOUGH THE AMENDED PETITION HAS NOT YET BEEN FORMALLY SERVED, THE HARTFORD LAW DEPARTMENT NOTIFIED BROKER DEALER COMPLIANCE OF SUCH AMENDED PETITION ON JULY 9, 2012, THEREFORE THE FIRM ISREPORTING THE MATTER AT THIS TIME. [CUSTOMER] WERE INCLUDED AS ADDITIONAL PLAINTIFFS IN THE AMENDED PETITION. ALTHOUGH BERNARD SHAUGHNESSYWAS NOT NAMED AS ONE OF THE ADDITIONAL DEFENDANTS, MR. SHAUGHNESSY WAS MENTIONED IN THE COMPLAINT. THE SUIT INCLUDES THE PLAINTIFFS' ALLEGATIONS THAT THE THIRD PARTY REPRESENTATIVE AND MR. SHAUGHNESSY REPRESENTED THE HARTFORD PLAN WHICH THE PLAINTIFFS SAY MISPREPRESENTED THE PROPOSED BENEFITS AND FEATURES. THE LITIGATION IS CURRENTLY PENDING. Damage Amount Requested: $9,454,518.00 Settlement Amount: $1,110,329.60 Broker Comment: A MUTUAL AGREEMENT WAS REACHED AMONG CLIENTS, THIRD PARTY FIRM AND HARTFORD LIFE AND ANNUITY INSURANCE COMPANY ("HARTFORD") ON SEPTEMBER 12, 2013. TO RESOLVE THIS MATTER, HARTFORD AGREED TO PAY $1,010,329.60 OF WHICH $104,670.45 REPRESENTED THE CASH SURRENDER VALUE OF THE POLICIES. THE THIRD PARTY FIRM CONTRIBUTED TO THE SETTLEMENT AMOUNT. THERE WAS NO FINDING OF WRONGDOING BY THE FIRM OR MR. SHAUGHNESSY. NEITHER MR. SHAUGHNESSY NOR THE FIRM WERE ASKED TO FINANCIALLY CONTRIBUTE TO THE SETTLEMENT AMOUNT. THE FIRM CONSIDERS THE MATTER RESOLVED AS OF SEPTEMBER 12, 2013. MR. SHAUGHNESSY WAS NOT INVOLVED IN THE SETTLEMENT PROCESS; HIS INVOLVEMENT IN THE MATTER WAS LIMITED AS MR SHAUGHNESSY WAS NOT THE SELLING AGENT OR PLAN ADMINISTRATOR NOR DID HE TAKE PART IN ANY DEPOSITIONS RELATED TO THE LAWSUIT OR SETTLEMENT AND WAS NOT A DEFENDANT IN THE LAWSUIT
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