Cindy and Wally D. Lien, Jr. et al v. Morgan Stanley DW Inc.
Published: Mar. 25, 2006 | Result Date: Jan. 13, 2006 | Filing Date: Jan. 1, 1900 |Case number: 0501345 – $0
Judge
Attorneys
Plaintiff
Defendant
Facts
In their initial Statement of Claim, Claimants alleged unsuitability, breach of contract, breach of fiduciary duty, violation of Section 10(b) and 10(b)(5) of the Securities Exchange Act, common law fraud, negligence, failure to supervise, violation of the NYSE Rules 401 and 405, and violation of NASD Rules 2110, 2120, 2310, and 3010, respondeat superior, and fraudulent concealment. ClaimantsÆ allegations involved investments in Morgan Stanley Dean Witter Variable Annuity Contract 11, Emulex Corp., Global Crossing LTD, WebMD Corp. and Wireless Facilities, Inc. In their Amended State of Claim, Claimants reiterated their allegations and, in addition, alleged fraudulent concealment of material facts relative to ClaimantsÆ accounts. Respondent denied the allegations of wrongdoing set forth in the ClaimantsÆ Statement of Claim and asserted various affirmative defenses.
Damages
Claimants requested $293,572.09 in compensatory damages, disgorgement of commissions, fees and other charges paid by Claimants to Respondents, unspecified punitive damages, pre-and post-judgment interest and costs, including attorney fees. Respondent requested dismissal of the ClaimantsÆ Statements of Claim in its entirety.
Result
The Panel decided as follows: 1) Respondent's Motion to Dismiss the ClaimantsÆ claims is granted. 2) ClaimantsÆ claims are dismissed with prejudice in their entirety. 3) All other relief requested and not expressly granted is denied.
Other Information
On October 31, 2995, Respondent moved the Panel to Dismiss the Statements of Claim. On January 4, 2006, a telephonic pre-hearing conference was held, attended by Parties and the Panel. After due deliberation in an executive session, the Panel granted the motion.
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