Several cases brought by investors from Brownsville, Texas, also Shearson clients, who claimed to have lost almost half a million dollars in fraudulent or malfeasant trades were combined under Rodriguez de Quijas v. Shearson/American Express Inc., filed suit under both acts.
In 1978, Cohen left Shearson for one year to work for Edmond Safra at Republic New York Corporation and the Trade Development Bank before returning to Shearson in 1979.
Peter A. Cohen, former Chairman and CEO of Shearson Lehman Brothers and current Chairman and CEO of Cowen Group
In the early 1980s several small first-time investors in Brownsville, Texas, opened accounts with Shearson/American Express agent Jon Grady Deaton.