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Securities
Breach of Fiduciary Duty
Unsuitability

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

Court

FINRA


Attorneys

Claimant

Andrew V. Tramont


Respondent

Peter R. Boutin
(Keesal, Young & Logan PC)


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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