Clare Rose Living Trust, David Rose, Lawrence Rose, Joanna Speed, Zaillian Trust v. UBS Financial Services Inc.
Published: Mar. 28, 2015 | Result Date: Feb. 20, 2015 | Filing Date: Jan. 1, 1900 |Case number: 13-02381 Arbitration – Expungement Denied
Facts
Clare Rose Living Trust, David Rose, Lawrence Rose, Joanna Speed, and Zaillian Trust filed a complaint against UBS Financial Services Inc., related to claimants' investments in structured notes issued by Lehman Brothers Inc.
Contentions
CLAIMANTS' CONTENTIONS:
Claimants asserted claims for securities fraud, common law fraud and misrepresentation, material omission, unsuitability, breach of fiduciary duty, breach of contract, failure to disclose material conflicts of interest, negligence, and "selling away" and failure to supervise under the federal securities laws, California state securities laws and common law and FINRA rules.
RESPONDENT'S CONTENTIONS:
Respondent denied claimants' allegations and asserted various affirmative defenses.
Damages
Claimants sought approximately $1.2 million in damages stemming from the default and other damages plus interest, attorney fees and costs, and other relief.
Result
In August 2014, claimants advised FINRA that the case had settled. UBS then requested the expungement of non-party Amir Navab's records, which the Panel ultimately denied.
Other Information
ARBITRATORS: John E. Ohashi, June McLaughlin, Janice A. Salter FILED ON: Aug. 14, 2013
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