Lehman Brothers Holdings Inc. v. Charles Alexander Strickler
Published: Nov. 3, 2012 | Result Date: Sep. 28, 2012 | Filing Date: Jan. 1, 1900 |Case number: 10-04112 Arbitration – $361,017
Facts
Lehman Brothers Holdings Inc. filed a complaint against Charles Strickler for breach of contract and unjust enrichment related to a promissory note executed by Strickler. Strickler denied the allegations and filed a counter-claim asserting misrepresentations, omissions, and other misconduct.
Damages
Lehman Brothers sought the outstanding principal and interest in the amount of $487,380, plus interest accruing, costs, fees, and other relief. Strickler sought compensation of no less than $480,000 in his counter-claim as well as attorney's fees and costs.
Result
The FINRA Panel found Strickler liable to Lehman Brothers for $457,142 in note principle, offset by Strickler's award in the aggregate amount of $187,269. Thus, Strickler was liable for a net amount of $269,873. Strickler was then found liable for interest and $37,170 in attorney's fees.
Other Information
ARBITRATORS: Charles E. Farnsworth, Joseph M. O'Connor, Daniel Martell.
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