A retired investor recovered over $20,000 in February 2017 in a FINRA arbitration involving the sale of Breitburn Energy Partners LP (“Breitburn”).
According to the FINRA award, the retiree alleged unsuitability, failure to supervise and breach of fiduciary duty among other claims. The award was against Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD# 7691).
Breitburn is a publicly-traded, independent oil and gas master limited partnership (“MLP”). Breitburn filed chapter 11 bankruptcy in May 2016 due to low oil prices. Breitburn is one of many oil and gas companies that have declared bankruptcy in the last two years.