Facts

Claimant Brian Barsky filed a complaint against Wells Fargo Investments LLC, Wells Fargo Securities Inc. and Anthony P. Brookfield. The allegations involved various unspecified securities in money managed accounts. The dispute was heard by an NASD Arbitration Board.

CONTENTIONS:
Claimant alleged breach of written contract, breach of fiduciary duty, intentional misrepresentation, negligent misrepresentation, unfair competition, violation of federal securities laws, negligence and respondeat superior. Respondents denied the allegations and asserted various affirmative defenses.

Damages

Claimant requested $600,000 in compensatory damages, $150,000 in punitive damages, restitution of all fees, and costs. Respondents requested dismissal of claimant's claims, expungement of reference to the claim from Brookfield's NASD records, and costs.

Result

Claimants claims were denied, however Wells Fargo Investments LLC was liable to claimant for $375 as reimbursement for filing costs. The parties each bore their remaining costs. Brookfield's request for expungement was denied. According to respondent, this was a split decision as the three member arbitration panel voted two to one in favor of respondents.

Other Information

Respondents' motion to dismiss based on the statute of limitations was denied.