Marvin McCray Jr. and Barbara J. McCray as Co-Trustees of the McCray Living Trust UA DTD July 30, 1982, and on behalf of the Marvin McCray Jr. IRA FCC as Custodian, under Power of Attorney v. Wachovia Securities LLC, now known as Wells Fargo Advisors LLC
Published: Jul. 10, 2010 | Result Date: Jun. 10, 2010 | Filing Date: Jan. 1, 1900 |Case number: 09-04335 Arbitration – Respondent
Facts
Claimants Marvin and Barbara McCray, as Co-Trustees of the McCray Living Trust, and respondent Wachovia Securities LLC had a dispute over the purchase of equities, equity unit investment trusts, and securities including Cohen & Steers Select Utility Fund Inc., First Trust Dividend & Income Select, and Calamos Strategic Total Return Fund.
Contentions
CLAIMANT'S CONTENTIONS:
The McCrays alleged that Wachovia breached its fiduciary duty, breached a written contract, conducted fraud by misrepresentation and omission, conducted elder abuse, failed to supervise and control, and violated state and federal securities laws, FINRA Rules, and NYSE rules.
RESPONDENT'S CONTENTIONS:
Wachovia, now Wells Fargo, denied all allegations.
Damages
The McCray's sought $813,521 in compensatory damages, rescission, lost opportunity costs, attorney fees and costs, interest, and punitive damages. Wachovia requested a denial of all claims and an expungement of the matter from the Central Registration Depository records.
Result
The Panel ruled in favor of Wachovia.
Other Information
ARBITRATORS: Thomas C. McNally III, Gail Killefer, Juleanne A. Thiebaut.
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