Gulabben B. Patel v. Wells Fargo Investments, LLC and Sean Chatman
Published: Apr. 22, 2006 | Result Date: Sep. 14, 2005 | Filing Date: Jan. 1, 1900 |Case number: 0305360 – Respondents.
Judge
Attorneys
Plaintiff
Defendant
Facts
Claimant Gulabben B. Patel alleged claims for breach of contract, negligence, breach of fiduciary duty, misrepresentations, non-disclosures, omission of facts and unsuitability against Respondents Wells Fargo Investments LLC and Sean Chatman. The claims concerned the purchase of Stagecoach Extra Credit Variable Annuity offered by American Skandia. The respondents denied the allegations of wrongdoing and asserted affirmative defenses.
Damages
The claimant requested compensatory damages in the amount of $84,099.60, punitive damages in the amount of $100,000 and interest. The respondents requested dismissal of the claimant's claims in their entirety, and costs.
Result
The claimant's claims were denied in their entirety. A recommendation was made for expungement of all references to the arbitration from Respondent Chatman's registration records maintained by the NASD Central Registration Depository. Respondent Wells Fargo is liable to the claimant and shall reimburse the plaintiff the $300 arbitration claim filing fee. Respondent Wells Fargo is assessed all NASD forum fees that have accrued in this matter. The parties shall bear their respective costs, including attorney fees, with the exception of those fees mentioned above.
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