Gilbert W. Lee, Gilbert W. Lee, Trustee of the Lee Family Trust v. A.G. Edwards & Sons Inc., Wachovia Securities LLC, Bart A. Martinez, William R. Lilliott III
Published: Mar. 19, 2011 | Result Date: Feb. 18, 2011 | Filing Date: Jan. 1, 1900 |Case number: 09-03803 Arbitration – $32,307
Facts
Gilbert Lee, individually and as Trustee on behalf of the Lee Family Trust, filed a complaint against A.G. Edwards & Sons Inc., Wachovia Securities LLC, Bart Martinez, and William Lilliott related to unspecified securities and respondents' handling of claimants' accounts.
Damages
Claimants sought recovery of all losses in two of its accounts in the amount of at least $66,945. Claimants also sought interest from Sept. 8, 2008, attorney fees, costs, and others relief.
Injuries
Claimants filed the following causes of action: breach of fiduciary duty-failure to execute order; vicarious liability, respondeat superior, and control person liability; and failure to supervise.
Result
Respondent Lilliott was dismissed on or about Sept. 22, 2009. Expungement of Lilliott's records was also ordered. Respondents Wachovia and Martinez were found jointly and severally liable for $32,304.91 in compensatory damages plus pre-judgment interest on the award at 10 percent from Oct. 2, 2008 until Feb. 8, 2011. Respondents Wachovia and Martinez were also jointly and severally liable for expert fees in the amount of $2,000.
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