Banc of America Investment Services Inc. v. Steven Michael Pompan
Published: Jul. 10, 2010 | Result Date: Jun. 15, 2010 | Filing Date: Jan. 1, 1900 |Case number: 09-00822 Arbitration – $384,210
Facts
Claimant Banc of America Investment Services Inc. filed a claim against respondent Steven Pompan, asserting that Pompan breached promissory notes dated Aug. 6, 2004, Oct. 5, 2005, Aug. 1, 2006, and Sept. 21, 2007. Pompano entered into the promissory notes during his employment with Banc of America.
Pompano counterclaimed against Banc of America, alleging receipt of commission, damage of trust and confidence required for employment relationship, damage to reputation, use of bait and switch techniques, and financial loss caused by loss of revenue.
Contentions
PLAINTIFF'S CONTENTIONS:
Claimant denied the respondent's allegations in the counterclaim.
DEFENDANT'S CONTENTIONS:
Respondent denied the claims of wrongdoing.
Damages
Claimant sought $362,500 for the amount due on the notes and $3,142 in interest. It also sought collection costs and interest on the balance due from date of default on the notes to the date of payment. The respondent sought $800,000 in lost fee revenues and damage to reputation, $25,000 in underpaid fees, and $75,000 in compensation for mental distress and time commitment for collection.
Result
The arbitration panel awarded the claimant $362,500 in compensatory damages, $19,294 in attorney fees, $1,416 in costs, and $1,000 for the initial claim filing fees.
Other Information
ARBITRATORS: Richard J. Stall Jr., Marc S. Joseph, J.D., Andrew C. Wahrenbrock.
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