A Finra arbitration panel has ordered Stifel Financial Corp. to pay about $132 million in damages for allegedly misleading investors by pitching a product as less risky than it actually was, as part of a series of legal actions against a specific broker.

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.