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    • Matthew Lam v. Charles Schwab & Co. Inc., Jesse Ramos

    Apr. 2, 2011
    Verdicts and settlements
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    Securities
    Breach of Fiduciary Duty
    Violation of California Corporations Code section 25401

    Matthew Lam v. Charles Schwab & Co. Inc., Jesse Ramos

    Published: Apr. 2, 2011 | Result Date: Mar. 14, 2011 | Filing Date: Jan. 1, 1900 |
    Case number: 09-00403 Arbitration –  Expungement

    Court

    FINRA


    Attorneys

    Claimant

    Howard M. Hoffman


    Respondent

    Garrett R. Wynne
    (Charles Schwab & Co. Inc.)


    Facts

    Matthew Lam filed a complaint against Charles Schwab & Co. Inc. and Jesse Ramos relating to Lam's purchase of the Schwab YieldPlus Fund.

    Damages

    Lam sought damages pursuant to California Corporations Code; compensatory damages; punitive and exemplary damages; costs; and other relief.

    Injuries

    Lam asserted the following causes of action: violation of California Corporations Code Section 25401; intentional and negligent breach of fiduciary duty; and intentional and negligent breach of fiduciary duty (supervision) against Schwab only.

    Result

    Lam dismissed his claim against respondents with prejudice following a settlement between the parties. Ramos sought expungement of his records, which was recommended by the Panel.

    Other Information

    ARBITRATORS: Robert E. Thompson, Laurel L. Gothelf, William A. Husa.


    #115853

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