Facts

RBC Wealth Management, a division of RBC Capital Markets Corp., filed an action against William Creedon in relation to three promissory notes, which Creedon executed on Oct. 2, 2000, Feb. 21, 2001, and Jan. 25, 2005. Creedon filed a counterclaim.

CLAIMANT'S CONTENTIONS:
Claimant alleged breach of written contract and conversion. In addition, claimant denied the allegations made by respondent.

RESPONDENT'S CONTENTIONS:
Respondent denied the claims, and alleged constructive termination of employment, fraud, misrepresentation, negligent misrepresentation, breach of employment contract, breach of implied covenant of good faith and fair dealing, intentional interference with prospective business advantage, California Labor Code violation, Business and Professions Code violation, and accounting of sums due.

Damages

Claimant sought $198,277.90 plus interest on note one, $12,774.58 plus interest on note two, $27,016.84 plus interest on note three, $29,059.89 for unreturned paid compensation, $123,710 in attorney fees, $11,163.60 in costs, and $58,119.78 in punitive damages. Respondent sought $830,672 for lost business, $1,248,000 for lost net income due to claimed missed opportunity, $9,709 for alleged failure to pay a payout, $12,000 for an alleged unlawful freeze of an account, $47,326 in unpaid compensation, $244,029 in attorney fees, and $29,120.33 in expert witness fees.

Result

The arbitration panel awarded claimant $283,385 in compensatory damages, $123,710 in attorney fees, $11,163 in costs, and $59,470 in expert witness fees.

Other Information

ARBITRATORS: Alvin S. Milder, Cathleen M. Cobb, Bryan L. Herrmann.