Stanley G. Kazezski, Lillian J. Kazezski, Kazezski Revocable Trust DTD 09/26/90 v. Wedbush Morgan Securities Inc., Lisa Ann Gallo
Published: Jun. 18, 2011 | Result Date: May 5, 2011 | Filing Date: Jan. 1, 1900 |Case number: 09-06884 Arbitration – $750,000
Facts
Stanley and Lillian Kazezski entered into arbitration with Wedbush Morgan Securities Inc. and Lisa Gallo regarding investments in shares of Pacific Capital Bancorp stock.
Contentions
CLAIMANT'S CONTENTIONS:
The Kazezskis alleged breach of fiduciary duty, unsuitability, failure to diversify, negligence, negligent supervision, and breach of contract.
RESPONDENT'S CONTENTIONS:
Wedbush and Gallo denied the allegations, asserting various affirmative defenses.
Damages
The Kazezskis sought $6 million in damages.
Result
The arbitration panel found Wedbush liable to the Kazezskis for $750,000 in compensatory damages. All claims against Lisa Gallo were denied.
Other Information
ARBITRATORS: Paul D. Gutierrez, Homer M. Dalbey, James C. Riewerts.
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