OTHER NEWS - Jan. 9, 1993
From Times Staff and Wire Reports
Brokerage Told to Pay Walton’s Nephew $9.69 Million: PaineWebber Inc. was ordered to pay $9.69 million by a three-member arbitration panel of the National Assn. of Securities Dealers for misleading the nephew of the late Sam Walton, founder of Wal-Mart Stores Inc. John Robson, the 38-year-old nephew of Walton, claimed damages for an errant trading strategy involving 403,300 Wal-Mart shares designed by a PaineWebber broker. PaineWebber denied any impropriety in its business with Robson. “We strongly disagree with the panel’s decision and we are considering an appeal,” said a PaineWebber spokeswoman, reading from a prepared statement.
