Securities
Breach of Fiduciary Duty
Breach of an Amended Promissory Note
Wachovia Securities LLC v. Thomas Michael Sullivan
Published: Dec. 22, 2012 | Result Date: Nov. 29, 2012 | Filing Date: Jan. 1, 1900 |Case number: 08-05032 Arbitration – $458,000
Facts
Wachovia Securities LLC filed a complaint against Thomas Sullivan alleging breach of an amended promissory note.
Damages
Wachovia sought the principal balance due and owing in the amount of $499,810 plus 7.61 percent in interest from the date of default in Nov. 28, 2007. Wachovia also sought costs, attorney's fees, and other relief.
Result
The parties entered into a stipulated award, approved by the FINRA panel, which provided that Sullivan was liable to Wachovia in the amount of $458,000. This amount included $398,000 in compensatory damages and $60,000 in attorney's fees.
Other Information
ARBITRATORS: Mary H. Evans, Peter A. Sigal.
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