Facts

Franklin Fitch filed a complaint against H&R Block Financial Ad visors and Manish Mukhi. His claims involved securities in Van Kampen Internet Trust, MFS High Yield Muni Bond, Motorola, Digital Equipment, Microsoft, Filenet, Cisco Systems, Legato Systems, and others. The claimant alleged churning, unsuitability, breach of fiduciary duty, and failure to supervise.

The respondents denied the allegations and asserted various affirmative defenses.

Damages

The claimant requested approximately $1,152,782 in compensatory damages. He also sought interest, attorney fees, costs, punitive damages, and any other relief deemed proper. The respondents requested dismissal of claimant's claims and expungement of the matter from respondent Mukhi's CRD records.

Result

The parties reached a settlement. The arbitration panel recommended expungement of the matter from respondent Mukhi's CRD records, and made a finding that the claims alleged were false.

Other Information

ARBITRATORS: Paul Davis Pearlstein, Esq., Public Arbitrator, Presiding Chairperson; Olivia Milbank Farrar, J.D., Public Arbitrator; Deborah Page Aune, Non-Public Arbitrator.