This is the property of the Daily Journal Corporation and fully protected by copyright. It is made available only to Daily Journal subscribers for personal or collaborative purposes and may not be distributed, reproduced, modified, stored or transferred without written permission. Please click "Reprint" to order presentation-ready copies to distribute to clients or use in commercial marketing materials or for permission to post on a website. and copyright (showing year of publication) at the bottom.

Contracts
Breach of Fiduciary Duty
Breach of Covenant of Good Faith and Fair Dealing

Kevin Dwyer v. Cullen Wesley Crabbe, Stephen Joseph Kipp, Kipp Brandt Drummond & Associates, Kipp Financial Group Inc., National Planning Corporation, NPB Financial Group, LLC, Spectrum Financial Group Inc., Stephen Kipp Associates

Published: Feb. 4, 2017 | Result Date: Dec. 22, 2016 | Filing Date: Jan. 1, 1900 |

Case number: 14-03682 Arbitration –  Respondent

Court

FINRA


Attorneys

Claimant

Zshonette L. Reed
(Lorden & Reed)


Respondent

Megan L. Hayati
(Edgerton & Weaver LLP)

H. Thomas Fehn
(Fields Fehn & Sherwin)

Neal E. Nakagiri
(NPB Financial Group LLC)


Facts

Claimant asserted various causes of action against respondents relating to his investments.

Contentions

CLAIMANT'S CONTENTIONS:
Claimant contended that respondents violated the law with respect to his investments into a Pacific Life annuity, Redwood Mortgage Partnership, and a Genworth money market account. Specifically, they breached the covenant of good faith and fair dealing, breached their fiduciary duty, engaged in misrepresentation, failed to conduct due diligence, made negligent and intentional false representations, committed professional negligence, and failed to fully disclose.

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

Damages

Claimant sought over $700,000 in compensatory damages.

Result

The arbitration panel denied claimant's claims but awarded him $375 as reimbursement for his initial claim filing fee.

Other Information

ARBITRATORS: Erik R. Siering, Elliott David Finkel, Daniel R. Brush.


#115435

For reprint rights or to order a copy of your photo:

Email jeremy@reprintpros.com for prices.
Direct dial: 949-702-5390