Susi Orlean Bahat Family Trust v. Unionbanc Investment Services LLC
Published: Sep. 20, 2014 | Result Date: Aug. 28, 2014 | Filing Date: Jan. 1, 1900 |Case number: 13-03003 Arbitration – Expungement
Court
FINRA
Attorneys
Claimant
Respondent
G. Thomas Fleming III
(Jones, Bell, Abbott, Fleming & Fitzgerald LLP)
Facts
The Susi Orlean Bahat Family Trust filed a complaint against Unionbanc Investment Services LLC, in connection with claimant's investment in the Putnam AMT Free Municipal Fund.
Contentions
CLAIMANT'S CONTENTIONS:
Claimant asserted a claim for failure to diversify.
RESPONDENT'S CONTENTIONS:
Respondent denied claimant's allegations, and asserted various affirmative defenses. Respondent requested the expungement of Michael Padilla's records. Padilla was a non-party to the action.
Damages
Claimant requested $30,000 in damages, voiding of the Fund, and reinstatement of $400,000 to her savings account.
Result
The FINRA Panel recommended the expungement of Padilla's records. Next, it found that claimant was not risk-adverse and that claimant was aware that she could lose the principal. The Panel concluded that claimant's allegation was false.
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