Patricia Tynan Chapman, individually and as Trustee of the Patricia Tynan Chapman Trust UAD 9/26/90 v. Citigroup Global Markets Inc.
Published: Dec. 31, 2010 | Result Date: Nov. 29, 2010 | Filing Date: Jan. 1, 1900 |Case number: 09-03077 Arbitration – $1,500,000
Facts
Claimant Patricia Chapman filed a complaint against Citigroup Global Markets Inc. on behalf of herself and as Trustee of the Patricia Tynan Chapman Trust UAD 9/26/90 in connection with claimants' investments in Washington Mutual stock.
Contentions
CLAIMANT'S CONTENTIONS:
Claimant asserted breach of fiduciary duty; unsuitability; failure to recommend risk management strategies; negligence; negligent supervision; and breach of contract.
Damages
Claimant sought compensatory damages in the amount of $70 million, plus punitive damages, interests, costs, and other relief.
Result
Respondent was found liable and ordered to pay claimant $1.5 million in compensatory damages. In addition, respondent is ordered to make donations in the amount of $1.5 million on behalf of claimant to charities designated by claimant.
Other Information
ARBITRATORS: Peter H. Daly, Jonathan H. Hathaway, Charles E. Markley. FILING DATE: May 27, 2009.
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