Facts

Joseph Seidler filed for arbitration against Kevin Kitchin and Wachovia Securities. Wachovia Securities later filed a counter-claim.

PLAINTIFF'S CONTENTIONS:
Seidler asserted causes of action for breach of the covenant of good faith and fair dealing, intentional infliction of emotional distress, and intentional interference with prospective economic advantage. The causes of action related to Seidler's former employment with Wachovia.

DEFENDANT'S CONTENTIONS:
Wachovia denied Seidler's allegations and asserted various affirmative defenses.

In its counter claim, Wachovia asserted causes of action for breach of promissory notes executed by Seidler as part of his employment with Wachovia.

Damages

Seidler requested expungement of the promissory note, in the amount of $207,750. He also sought reimbursement for the loss of assets totaling $40 million. Wachovia sought the principal balance due and owed under the note, plus interest.

Result

The parties agreed to present a stipulated award to the arbitration panel, which entered the award as follows. The panel found that Seidler was liable to Wachovia for the amount of $207,750.31, at an interest rate of 10 percent per annum. Otherwise, Seidler's claim, and the counterclaim, was dismissed.

Other Information

ARBITRATORS: Carol Ann Jensen, Joseph M. O'Connor and Elmo E. Wedderbum