Nam Suk Suh v. Dong Won Investment & Consulting Corp., et al.
Published: Nov. 12, 2002 | Result Date: Apr. 19, 2002 | Filing Date: Jan. 1, 1900 |Case number: BC234076 Bench Decision – $58,463
Facts
In 1999, the defendant, a Korean securities trading firm, entered into a cooperative agreement with Mirae
Investment, the objective of which was to assist clients in Southern California in opening up accounts with the
defendant. As a result of this agreement, the Karak Branch of Dong Won obtained close to 140 new customers
from Southern California, including the plaintiff.
The plaintiff argued that the defendant and Mirae failed to provide their customers with account statements and
allowed Mirae to have access to confidential account information, including access to identification numbers
and passwords; and that this enabled Mirae's employees to conduct unauthorized trades on the plaintiff's
account. The plaintiff suffered an alleged loss of $18,463.
Mirae filed for federal bankruptcy protection. As a result, the action was stayed as
against Mirae and the case proceeded to trial against just Dong Won.
Settlement Discussions
The plaintiff submitted a demand for $150,000; the defendant declined to submit an offer.
Damages
The plaintiff claimed $18,463 in actual damages plus punitive damages.
Other Information
The court found in favor of the plaintiff and awarded $58,463, made up as to $18,463 compensatory damages and $40,000 in punitive damages.
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