Michael Waks v. Lehman Brothers Inc., David Goodenough, Melody Li, Thomas H. Birk
Published: Oct. 11, 2008 | Result Date: Aug. 26, 2008 | Filing Date: Jan. 1, 1900 |Case number: 06-02734 Arbitration – $52,313
Facts
The claimant alleged various claims, including fraud, deceit, RICO violations, civil conspiracy, negligent misrepresentation, breach of fiduciary duty, negligence, and failure to supervise. The claimant asserted that he was provided with false representations in regards to International Management Investments (IMA), which indicated that it was a proper investment. Each claim dealt with hedge fund investments. Each defendant denied the allegations and claimed affirmative defenses.
Damages
The claimant demanded more than $1,900,000 in compensatory damages, an unknown amount of interest, punitive damages, treble damages, and attorney fees, with the total amounting to $6,000,000. Respondents Lehman, Goodenough, and Li demanded that all claims be dismissed, along with recovery of any costs and expenses. In addition, respondent Birk demanded that all claims be dismissed.
Result
Respondent David Goodenough was ordered to pay claimant Michael Waks $45,000 in compensatory damages, with interest amounting to $7,313.75. All other claims for damages were rejected. The claims against Li were deemed to be false.
Other Information
All claims against respondent Melody Li were dismissed with prejudice. ARBITRATORS: Mary M. O'Neil, Vytas Albert Taurlis, Steven K. Ogata.
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