Bobby Karim Panahi v. UBS Financial Sen/ices Inc., Trevis Clint Rucci
Published: Oct. 1, 2011 | Result Date: Jul. 12, 2011 | Filing Date: Jan. 1, 1900 |Case number: 09-05645 Arbitration – Denial
Facts
Bobby Panahi entered into arbitration with UBS Financial Services Inc. and Trevis Rucci, regarding investments in auction rate securities.
Contentions
CLAIMANT'S CONTENTIONS:
Panahi alleged that UBS and Rucci invested his funds in auction rate securities without providing disclosure or explaining the risks.
RESPONDENT'S CONTENTIONS:
UBS and Rucci denied the allegations, asserting various affirmative defenses.
Damages
Panahi sought damages of $47,000 for loss of stock value, $8,000 in interest costs, as well as excess judgment of $63,000, and costs.
Result
The arbitration panel denied claimant Panahi's claims. Respondent Rucci's request for expungement was denied.
Other Information
ARBITRATORS: Robert W. Vernon, Thomas E. Shuck, David Nielsen.
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