Stifel Financial was ordered by a Financial Industry Regulatory Authority arbitration panel to pay a family $132.5 million for misrepresenting the risk of complex structured notes, causing what their lawyer called "staggering" losses.

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.