King Credit Shelter Trust, Edwin King, Trustee Bypass Trust of the Allderdice 1990 Living Trust DTD 9/5/01, Charlene Allderdice Trustee
Published: Mar. 26, 2011 | Result Date: Feb. 18, 2011 | Filing Date: Jan. 1, 1900 |Case number: 09-04009 Arbitration – Expungement Granted
Facts
King Credit Shelter Trust and Bypass Trust of the Allderdice 1990 Living Trust DTD 9/5/01 (collectively, the Trusts) entered into arbitration with UBS Financial Services Inc. regarding investment in Fannie Mae Preferred Stock.
Contentions
CLAIMANTS' CONTENTIONS:
The Trusts alleged breach of fiduciary duty, breach of contract, negligent misrepresentation, failure to supervise, and violation of securities law.
RESPONDENT'S CONTENTIONS:
UBS denied the allegations, asserting various affirmative defenses.
Damages
The Trusts sought compensatory damages of $125,000.
Result
The expungement recommendation was granted by the majority of the panel (2-1).
Other Information
ARBITRATORS: Kenneth E. Owen, Thomas W. Gregory, Karen A. Lockwood.
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