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Securities
Breach of Fiduciary Duty
Breach of Written and Oral Contract

Robert N. Stephens Living Trust v. UnionBanc Investment Services LLC

Published: Mar. 26, 2011 | Result Date: Feb. 14, 2011 | Filing Date: Jan. 1, 1900 |

Case number: 09-06555 Arbitration –  Equitable Agreement; Dismissal

Court

FINRA


Attorneys

Claimant

Montgomery G. Griffin


Respondent

G. Thomas Fleming III
(Jones, Bell, Abbott, Fleming & Fitzgerald LLP)

Kasumi Takahashi
(Jones Bell Abbott Fleming & Fitzgerald LLP)


Facts

Robert N. Stephens Living Trust entered into arbitration with UnionBanc Investment Services LLC regarding multiple investments in corporate bonds.

Contentions

CLAIMANT'S CONTENTIONS:
The Trust alleged breach of fiduciary duty, breach of contract, omission of material facts, and failure to supervise.

RESPONDENT'S CONTENTIONS:
UnionBanc denied the allegations, asserting various affirmative defenses.

Damages

The Trust sought compensatory damages of $1,094,817, consequential damages, interest, and costs.

Result

Following a settlement, the Trust requested dismissal, and the arbitration panel recommended expungement of the arbitration from non-party Theresa Allen's registration records.

Other Information

ARBITRATORS: Robert C. Albini, Richard M. Norman, Anna Marie Turco.


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