Carl F. Neuss, et al. v. Wells Fargo Investments, LLC, et al.
Published: Jun. 23, 2012 | Result Date: Sep. 6, 2011 | Filing Date: Jan. 1, 1900 |Case number: 10-01320 Arbitration – Expungement
Court
ADR
Attorneys
Claimant
Respondent
G. Thomas Fleming III
(Jones, Bell, Abbott, Fleming & Fitzgerald LLP)
Facts
Claimants filed for arbitration over claims related to Respondents' management of Claimants' annuity accounts.
Contentions
CLAIMANT'S CONTENTIONS:
Claimants alleged that they suffered losses because the respondents handled their accounts poorly. They specifically alleged violations of NASD Rule 2310 and NYSE Rule 405, diversification, loss management, negligence, breach of fiduciary duty, misrepresentation, and failure to supervise.
RESPONDENT'S CONTENTIONS:
Respondents denied all of the claims.
Damages
Claimants sought $2,108,000 in out-of-pocket losses.
Result
The arbitration panel recommended expungement for Milia and Gates, finding that the claim was factually erroneous and impossible.
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