Carnegie Investment Counsel, a Cleveland-area registered investment adviser, has been ordered to pay roughly $2.3 million after an arbitrator found the firm liable for breaching its fiduciary duty during a client transition. The award caps a multi-year fight brought by eleven Ohio families who say they were misled when their accounts were moved from a prior adviser. The ruling puts a spotlight on the risks investors face when their accounts are swept into firm acquisitions and advisor transfers.
Arbitrator’s award and timeline
On Dec. 19, 2025, an arbitrator issued a final award of $2,324,000 in compensatory damages after three weeks of evidentiary hearings, according to a release from Meyer Wilson Werning. The firm says the dispute was filed with…..