Securities
Negligence
Option Sale Transaction
Nick Shahrestany, Milan Investments LP v. Morgan Stanley Smith Barney, Brian Jason Murphy
Published: Oct. 1, 2011 | Result Date: Jul. 14, 2011 | Filing Date: Jan. 1, 1900 |Case number: 10-03480 Arbitration – Dismissal
Facts
Nick Shahrestany and Milan Investments LP entered into arbitration with Morgan Stanley Smith Barney (MSSB) and Brian Murphy regarding an option sale transaction on the Chicago Board Options Exchange.
Contentions
CLAIMANT'S CONTENTIONS:
Shahrestany and Milan alleged negligence.
RESPONDENT'S CONTENTIONS:
MSSB and Murphy denied the allegations, asserting various affirmative defenses.
Damages
Shahrestany and Milan sought cancellation of the sale and a refund of $225,000, as well as arbitration costs and attorney fees.
Result
The arbitration panel denied the claims.
Other Information
ARBITRATORS: Kirtley M. Thiesmeyer, Robert A. Lombardi, David Nielsen.
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