Virginia Yeager v. Morgan Stanley DW, Inc. and Ryan M. Jochim
Published: Mar. 25, 2006 | Result Date: Sep. 30, 2005 | Filing Date: Jan. 1, 1900 |Case number: 0407411 – $154,000
Facts
Claimant asserted the following causes of action: breach of fiduciary duty; negligence; violations of Nebraska Securities Acts; unsuitability; failure to supervise; misrepresentation; and breach of contract. Claimant alleged that Respondents recommended and purchased various unspecified stocks that did not meet her retirement needs which led to substantial losses in her portfolio. Unless specifically admitted in its Answer, Morgan Stanley denied the allegations made in the Statement of Claim and asserted affirmative defenses including the following: failure to state a claim; statute of limitations; waiver; contributory negligence; assumption of risk, ratification; lack of due diligence; severe economic and market declines; failure to mitigate; unclean hands; and no cause of action for violation of NASD or NYSE Rules. Respondent Jochim adopted Morgan StanleyÆs Answer and Affirmative Defenses.
Damages
Claimant requested an award in the amount of $213,148.00 in compensatory damages, plus punitive damages, interest, costs, attorneys fees and such other relief as the Panel deemed just and proper. Respondents requested that the claims asserted against them be denied in their entirety.
Result
The Panel decided as follows: 1) Respondent Morgan Stanley DW Inc. is liable for and shall pay to Claimant Virginia Yeager, the sum of $154,000.00 in compensatory damages; 2) Respondent Ryan M. Jochim is liable for and shall pay to Claimant, Virginia Yeager, the sum of $1,000.00 in compensatory damages; 3) Other than forum fees, the parties shall each bear their own costs and expenses. 4) Any relief not specifically enumerated, including punitive damages and attorney fees, is hereby denied with prejudice.
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