Facts

Claimant Robert Paul made claims against respondents Peter Shieh and Merrill Lynch Pierce Fenner & Smith Inc. Claimant alleged violation of NASD rules of conduct, professional negligence, breach of fiduciary duties, negligent misrepresentation, negligent failure to supervise, breach of contract, unfair business practices and violation of the Consumer Legal Remedies Act. His allegations involved various unspecified securities.

Respondents denied any wrongdoing and presented various affirmative defenses.

Damages

Claimant requested $90,000 in compensatory damages, disgorgement, prejudgment interest, and attorney fees and costs. Respondents requested dismissal of the claims in their entirety, expungement of the matter from Peter Shieh's registration records and costs.

Result

The parties reached a settlement and requested a stipulated award. Based on the parties' stipulation and documentary support, the arbitration panel dismissed the claims with prejudice. The panel recommended the expungement of all references to this matter from Peter Shieh's registration records maintained by the NASD Central Registration Depository (CRD), with the understanding that pursuant to NASD Notice to Members 99-09 and 99-54, Shieh must obtain confirmation from a court of competent jurisdiction before the CRD will execute the expungement directive. The parties shall bear their respective costs including attorney fees. All other requested relief is denied.