William L. Barth on behalf of the William L. Barth Ira Rollover dated 03/09/99 and IRA Rollover dated 9/22/99 et al.
Published: Mar. 25, 2006 | Result Date: Sep. 3, 2005 | Filing Date: Jan. 1, 1900 |Case number: 0405286 – $75,000
Judge
Attorneys
Plaintiff
Defendant
Facts
The claimant is William Barth. The respondents are Wachovia Securities LLC, Prudential Equity Group LLC and David Rascoe. The claimant alleged breach of fiduciary duty, violation of federal and state securities laws and fraud and deceit. In addition, he claimed violation of the California Unfair Business Practices Act, negligent misrepresentation and professional negligence as an Investment Advisor, which involved unspecified securities.
Respondents Prudential and Rascoe denied the claims. They also asserted affirmative defenses.
Damages
The claimant requested an unspecified actual damages amount. He also requested punitive or exemplary damages totaling at least twice the amount of the loss in capital. Further, he requested "capital appreciation that would have been otained by the accounts through the continued and suitable investments during the time the accounts were with Respondents and under their control." The claimant also requested emotional distress damages. He also requested an order enjoining the respondents from participating in the activities in the claim and requiring the respondents to disgorge profits to the claimants. The claimant requested pre and post award interest and costs, which included attorney fees. Respondents Prudential and Rascoe requested dismissal of the claim. The dismissal requested was of the entire claim and costs. In addition, the respondents requested an order from the arbitrators that anything regarding this matter be expunged from the records of the Central Registration Depository.
Result
The panel decided that respondent Prudential is liable to and shall pay the claimant $75,000 in compensatory damages. Further it is liable to and shall pay the claimant interest on the sum of $75,000 at the rate of 10% per annum from Sept. 7, 2004 to Aug. 31, 2005. Respondent Prudential is also liable to and shall pay the claimant $5,500 for expert witness fees. It is also liable to and shall pay the claimant $250 as reimbursement for the filing fee. Respondent Rascoe is dismissed with prejudice. The claimant's request for punitive and exemplary damages is denied. The parties shall bear their respective costs, including attorney fees. All other relief requested and not expressly granted is denied.
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