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.
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.