This is the property of the Daily Journal Corporation and fully protected by copyright. It is made available only to Daily Journal subscribers for personal or collaborative purposes and may not be distributed, reproduced, modified, stored or transferred without written permission. Please click "Reprint" to order presentation-ready copies to distribute to clients or use in commercial marketing materials or for permission to post on a website. and copyright (showing year of publication) at the bottom.

Securities
Breach of Fiduciary Duty
Reverse Convertible Securities

David N. Harvey and Sharon L. Harvey, Individually and as Trustees for the Harvey Family Trust Dated 08/30/06 v. Wells Fargo investments LLC, Wells Fargo Bank NA, Matthew Medeiros

Published: May 7, 2011 | Result Date: Apr. 13, 2011 | Filing Date: Jan. 1, 1900 |

Case number: 10-00083 Arbitration –  Expungement

Court

FINRA


Attorneys

Claimant

Geoffrey O. Evers
(Evers Law Group, APC)


Respondent

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

Kasumi Takahashi
(Jones Bell Abbott Fleming & Fitzgerald LLP)


Facts

David and Sharon Harvey entered into arbitration with Wells Fargo Investments LLC and Matthew Medeiros regarding investments in convertible securities.

Contentions

CLAIMANT'S CONTENTIONS:
The Harveys alleged breach of fiduciary duty, negligent and intentional misrepresentation, and fraud, as well as negligent supervision, negligence, breach of covenant of good faith and fair dealing, and false statement in connection with the purchase or sale of security. They also alleged unfair competition and violations of California Corporations Code and Business and Professions Code.

RESPONDENT'S CONTENTIONS:
Wells Fargo and Medeiros denied the allegations, asserting various affirmative defenses.

Damages

The Harveys sought special damages of $1.65 million as well as costs, general damages, attorney fees, and consequential damages.

Result

The arbitration panel denied the Harveys' claim.


#105391

For reprint rights or to order a copy of your photo:

Email jeremy@reprintpros.com for prices.
Direct dial: 949-702-5390