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    • Richard Watts, Sally W. Watts v. Charles Schwab & Co. Inc.

    Sep. 17, 2011
    Verdicts and settlements
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    Securities
    Breach of Fiduciary Duty
    Misrepresentation

    Richard Watts, Sally W. Watts v. Charles Schwab & Co. Inc.

    Published: Sep. 17, 2011 | Result Date: Jun. 17, 2011 | Filing Date: Jan. 1, 1900 |
    Case number: 11-00385 Arbitration –  $20,000

    Court

    FINRA


    Attorneys

    Claimant

    Mark A. Tepper
    (Mark A. Tepper PA)


    Respondent

    Richard A. Karoly


    Facts

    Richard and Sally Watts filed a complaint against Charles Schwab & Co. Inc. related to the Schwab YieldPlus Fund.

    Damages

    Claimants sought $24,869.79 in damages plus $19,113.15 interest and an unspecified amount of punitive damages.

    Injuries

    Claimants asserted the following causes of actions: misrepresentation that YieldPlus was suitable as a smart alternative for cash; dramatic change of portfolio policy without obtaining the required shareholder approval; violation of FINRA's Conduct Rules; untrue and misleading statements about YieldPlus; unsuitable YieldPlus recommendation; failure to reasonably supervise YieldPlus sales; breach of duty of fair dealing; and violation of the Maryland Securities Act.

    Result

    Claimants were awarded $20,000 in compensatory damages plus interest and attorney fees and costs.


    #117970

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