Facts

UBS Financial Services Inc. filed for arbitration against William McClendon.

PLAINTIFF'S CONTENTIONS:
UBS asserted causes of action for breach of contract, common county for money lent, common count for account stated, and unjust enrichment. The causes of action related to three promissory notes that McClendon signed.

DEFENDANT'S CONTENTIONS:
McClendon denied UBS' allegations and asserted various affirmative defenses.

McClendon also filed a counterclaim, asserting causes of action for breach of oral contract, breach of written contract, breach of implied-in-fact employment contract, breach of the covenant of good faith and fair dealing, violation of the Labor Code, conversion, intentional misrepresentation, negligent misrepresentation, unjust enrichment, and violation of the Business and Professions Code. The causes of action related to his employment and subsequent termination by UBS.

Damages

UBS sought $442,567.81, the outstanding principal on the promissory notes. McClendon sought $200,000 - $250,000 for wage losses.

Result

The arbitration panel found that McClendon was liable to pay UBS compensatory damages on the three promissory notes, totaling $442,568, plus interest. The arbitration panel also awarded UBS $165,000 in attorney fees. McClendon's counterclaim was denied in its entirety.

Other Information

ARBITRATORS: Edwin C. Shiver, John J. Flynn and Zachary Scott Rigdon.