Facts

Claimant Arlene Spitzer filed a claim against Morgan Stanley DW Inc. and David Robert Lee, involving various transactions in unspecified securities and B shares in unspecified mutual funds. The parties participated in NASD dispute resolution.

CLAIMANT'S CONTENTIONS:
Claimant alleged breach of fiduciary duty, negligence, fraud, deceit, omission of material fact, fraudulent concealment, negligent misrepresentation, recommendation of unsuitable investments, unauthorized trading, breach of the implied covenant of good faith and fair dealing, breach of contract and failure to supervise. She alleged respondents committed fraud by inducing her to take a lump sum from her retirement account and invest in mutual funds, rather than investing in an annuity through her employer's pension plan. She further claimed violations of federal and state securities laws, the California Civil Code, the Business and Profession's Code, California's Elder Abuse/Dependent Adult Civil Protection Act, and NASD rules.

RESPONDENTS' CONTENTIONS:
Respondents denied the allegations of wrongdoing and asserted various affirmative defenses.

Damages

Claimant requested $90,000 in compensatory damages, interest, punitive damages, costs, and recission of investments sold to claimant. She also demanded attorney fees.

Result

The hearing lasted four days and was heard by a panel of three arbitrators. Claimant's claims were denied in entirety. The arbitration records were expunged from Lee's registration records. The parties each bore their respective costs.