Facts

Martha L. Meripol IRA, Ronald Meripol, Martha L. Meripol, and Ronald P. Meripol IRA filed a complaint against LPL Financial LLC, Summit Brokerage Services, Inc., and Ewald Von Kanel, in connection with claimants' investments in the Inland Western Real Estate Investment Trust.

CLAIMANTS' CONTENTIONS:
Claimants asserted claims for breach of contract, breach of fiduciary duty, failure to supervise, negligence, gross negligence, misrepresentations, and omissions.

RESPONDENTS' CONTENTIONS:
Respondents denied claimants' allegations, and asserted various affirmative defenses.

Damages

Claimants sought $283,000 in compensatory damages, under-performance damages, punitive damages, interest, attorney fees and costs, as well as other relief.

Result

In January 2013, claimants informed the FINRA Panel that they reached a settlement with Summit Brokerage. In Nov. 2013, claimants informed the Panel that it reached a settlement with the remaining respondents. Respondents then submitted a motion for expungement of Von Kanel's records, which claimants did not oppose. Following a hearing, the Panel granted the motion for expungement.

Other Information

ARBITRATORS: Ralph H. Erickson, Erik R. Siering and Darrell Thomas Reed