ARCADIA, WI - Ashley Furniture Industries Inc. won a $1.9 million settlement in arbitration over a disagreement with securities J.P. Morgan sold the furniture manufacturing giant.
Ashley said that J.P. Morgan didn't disclose the securities were unsafe, or its own involvement in the auction-rate securities market.
Ashley Furniture took its complaint to FINRA, the Financial Industry Regulatory Authority, which designated an arbitration panel which issued this judgement). Ashley had originally asked for $26.7 million.
Separately, Ashley Furniture opened its first retail outlet in China, a 30,000 square foot store in Shanghai. Furniture Today reports Ashley is looking to expand globally. Woodworking Network reported Ashley Furniture's Wisconsin expansion yesterday, and Ashley's move into a 3.3 million square foot North Carolina furniture manufacturing plant last month.
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