WSS attorneys recently secured two complete defense Awards for a national broker-dealer in two separate arbitrations, one in Boca Raton, FL and one in Portland, OR.
The Boca Raton arbitration was a customer dispute in which the Claimant asserted causes of action arising out of the sale of various alternative products, including non-traded REIT’s and BDC’s. The case centered around the sales practices of a since barred broker who failed to appear in the case, making the case particularly difficult to defend. The Claimant sought damages of $20,685,969.65, plus punitive damages, attorney’s fees and costs. After a five-day arbitration hearing, a panel of three arbitrators unanimously denied the claims in their entirety against our client. The Award can be found here.
Steve Mellen and Jessica Levine, Partners in the firm’s New York office, handled the final hearing.
The Portland arbitration was an industry dispute in which a registered representative asserted various causes of action related to his termination from the broker-dealer, including blacklisting, breach of fiduciary duty, breach of implied covenant of good faith and fair dealing, breach of written contract, defamation, expungement of Form U-5, false promises, fraud, fraud by concealment, intentional interference with economic relationship, negligence, retaliation, and wrongful discharge. Claimant sought $2,568,602 in damages, plus punitive damages, attorney’s fees and costs. After a nine-day arbitration hearing, a panel of three arbitrators unanimously denied Claimant’s claims in their entirety, including a request for expungement, and imposed half the forum fees on the Claimant. The Award can be found here.
Derek Anderson, Managing Partner of the firm’s Colorado office, and Jennifer O’Shea, Senior Counsel in the firm’s Colorado office, handled the final hearing.