Facts

The Donald J. Adams Trust filed a complaint against Banc of America Investment Advisors Inc., Banc of America Investment Services Inc., Bank of America NA, Mark Benson, Harvey Hirschhorn, Richard McCord, Merrill Lynch, Pierce, Fenner & Smith Inc., National Financial Services LLC, Joseph Quinlan, Lynn Reaser, Jeanette Schneider, and U.S. Trust Bank of America Private Wealth Management.

COMPLAINANT'S CONTENTIONS:
Complainant contended that defendants recommended unsuitable investments and failed to provide material information, resulting in losses. Complainant also claimed something was amiss with the permission of options in trading, in his accounts.

RESPONDENTS' CONTENTIONS:
Respondents denied the allegations and asserted various affirmative defenses.

Damages

Claimant requested compensatory and punitive damages as well as attorney fees, costs, and other relief. Banc of America Investment Services, Merrill Lynch, McCord and Schneider requested an expungement of their CRD records.

Result

The Trust discontinued its claims against National Financial and dismissed its claims against Benson, Hirschhorn, Quinlan, and Reaser. Next, it dismissed its claims against McCord and Banc of America Investment Advisors. Ultimately, the Trust settled all its claims against the remaining respondents so the case was dismissed in its entirety. The FINRA Panel then recommended the expungement of Schneider's CRD records.

Other Information

ARBITRATORS: Seymour A. Kolman, Laurel Littman Gothelf, Edwin John Apenbrink FILED ON: Feb. 5, 2013