Facts

Claimant Joan Levin brought an NASD arbitration claim against Respondent Wedbush Morgan Securities Inc. The claimant alleged unauthorized trading, churning, negligence, failure to supervise, misrepresentations/non-disclosures, breach of fiduciary duty and breach of contract. The allegations involved various unspecified securities.

The respondent denied the allegations made against it and asserted various affirmative defenses.

Damages

The claimant sought $1.5 million in compensatory damages, unspecified punitive damages, pre-judgment interest, costs and a disciplinary referral to NASD. The respondent sought dismissal of the claimant's Statement of Claim in its entirety, costs and attorney fees.

Result

On the fifth day of arbitration, the Panel dismissed the claimant's claims with prejudice based on the statute of limitations.

Other Information

Arbitration panel consisted of Paul D. Gutierrez, Carol M. Clements and Alan Richard Carlisle.