Stifel, Nicolaus & Company subsidiary to pay ~$132M in a dispute over its investment recommendations, the firm disclosed on Thursday. The company plans to seek a judicial review of the award, which it called outsized and said is "supported by neither the facts nor the law.

Stifel Financial on Thursday said it has been ordered to pay $132 million connection with allegations regarding investment recommendations. The Financial Industry Regulatory Authority, a U.S. securities regulator, has ordered the investment bank and financial-services company to pay the fine, which includes punitive damages and attorneys' fees.