James Elist, Emil Halimi, George Daneshgar, Yahouda Emrami, Abraham Assil v. UBS Financial Services Inc.
Published: Nov. 20, 2010 | Result Date: Oct. 21, 2010 | Filing Date: Jan. 1, 1900 |Case number: 09-01854 Arbitration – Respondent
Court
FINRA
Attorneys
Claimant
Jacob H. Zamansky
(Zamansky LLC)
Respondent
J. Stephen Young
(Keesal, Young & Logan)
William McClelland Montgomery
(Keesal, Young & Logan)
Facts
Claimants James Elist, Emil Halimi, George Daneshgar, Yahouda Emrani, and Abraham Assil filed a complaint against UBS Financial Services in connection with the handling of claimants' accounts involving commodities futures.
Settlement Discussions
Claimants Elist, Halimi, Daneshgar, Emrani and Respondent UBS had agreed to settle the dispute on or about Sept. 2, 2010. Abraham Assil, who sought damages of $4,981,000, did not settle and the case proceeded to a five-day FINRA arbitration.
Damages
Claimants sought recovery of approximately $6.8 million plus disgorgement of commissions and fees, and recovery of interest, expert fees, attorney fees, and forum fees relating to the arbitration procedure.
Injuries
Claimants alleged the following: unsuitability, failure to supervise, breach of contract, negligence, common law aiding and abetting, fraud, breach of fiduciary duty, and aiding and abetting under the Commodities Exchange Act and the California Securities Statutes.
Result
All claims by Assil are denied.
Other Information
ARBITRATORS: Barbara M. Zak, Richard J. Stall Jr., James R. Duncan.
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