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    • Melvin R. Aoki, Melvin R. Aoki Revocable Living Trust, Barbara Porter, Barbara Porter Revocable Trust, Marjorie B. Parker, Laureen C. Branch, Branch Holdings Inc., Blur Industries Corp., Avis Y. Nakama, Avis Y. Nakama Trust, Lum Brothers LLC, Piikoi Kawananakoa, Just Black LLC, Kazuko Y. Tietz v. National Financial Services LLC, Brookstreet Securit

    Mar. 19, 2011
    Verdicts and settlements
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    Securities
    Securities Fraud
    Breach of Fiduciary Duty

    Melvin R. Aoki, Melvin R. Aoki Revocable Living Trust, Barbara Porter, Barbara Porter Revocable Trust, Marjorie B. Parker, Laureen C. Branch, Branch Holdings Inc., Blur Industries Corp., Avis Y. Nakama, Avis Y. Nakama Trust, Lum Brothers LLC, Piikoi Kawananakoa, Just Black LLC, Kazuko Y. Tietz v. National Financial Services LLC, Brookstreet Securit

    Published: Mar. 19, 2011 | Result Date: Feb. 3, 2011 | Filing Date: Jan. 1, 1900 |
    Case number: 09-00268 Arbitration –  Dismissal; Equitable Agreement

    Court

    FINRA


    Attorneys

    Claimant

    Bradd L. Milove
    (Miller & Milove)


    Respondent

    H. Thomas Fehn
    (Fields Fehn & Sherwin)

    Brian J. Ellis

    Michael R. Weissmann

    Kevin G. Fitzgerald

    Tracy L. Gerber


    Facts

    Multiple claimants filed a complaint against National Financial Services LLC, Brookstreet Securities Corp., Clifford Popper, Ellyn McColgan, Norman Malo, FMR Corp., Ted Nelson, and William Betta, in connection with purchases of unspecified collateralized mortgage obligations (CMOs). Multiple counter-claims were also filed in connection with this complaint.

    Damages

    Claimants sought damages exceeding $3 million; punitive and exemplary damages; treble damages; declaration that claimants are exonerated from any and all indebtedness; and interests, costs, attorney fees and expenses.

    Injuries

    Claimants asserted the following causes of action: securities fraud; breach of fiduciary duty; fraud and deceit; constructive fraud; breach of contract; negligence; unfair business practices; and elder abuse.

    Result

    Respondents Nelson, Malo, and McColgan were dismissed without prejudice on or about April 2009. Claimants reached a settlement with Respondents NFS, Brookstreet, Betta, and Popper, and claims against named respondents were dismissed. NFS settled with claimants and dismissed with prejudice its counter-claims against claimants and third-party claim against a third-party respondent. The FINRA panel also recommended the expungement of records for respondents Malo and McColgan.

    Other Information

    ARBITRATORS: Harry B. Endsley, Harriette L. Holt, Richard B. Dole.


    #104501

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