Facts

Rindy Merrifield TTEE of the Rindy Merrifield Inc. Defined Benefit Plan FBO Rindy Merrifield DTD 1/1/00, claimant, alleged fraud, negligence, misrepresentation, breach of contract, breach of fiduciary duty, and lack of reasonable supervision with respect to the handling of the claimant's account against Mutual Service Corporation and Michael T. Woods, respondents. Claimant's allegations regarded investments in various securities, including investments in Tyco International Limited New stock.

RESPONDENT'S CONTENTIONS:
Respondent denied claimant's allegations of wrongdoing and denied any liability to the claimant.

Damages

Claimant requested compensatory damages of $72,000; interest of no less than $70,000; disgorgement of the excessive transactions to be determined by the Panel; reimbursement for the reasonable costs in the prosecution of claimant's claim, including expert witness fees; punitive and exemplary damages; and disciplinary referrals to the appropriate regulatory enforcement agencies as the Panel deemed appropriate. Respondent requested dismissal of claimant's claims, costs, and that all forum fees in the proceeding be assessed against the claimant.

Result

During the hearing session held on Nov. 29, 2007, the panel reviewed and considered the positions of the parties relative to respondent's motion to dismiss pursuant to Rule 10305(a) of the Code. The panel granted the motion and dismissed claimant's claims without prejudice and concluded the hearing. The panel also decided that each party will bear its own costs, including attorney fees. Lastly, all other relief not expressly granted was denied.

Other Information

ARBITRATORS: James S. Martin, public arbitrator, presiding chairman; Walter J. Huntley III, public arbitrator; Richard C. Lehrman, non-public arbitrator. On or about Dec. 4, 2006, the panel considered the positions of the parties. The panel ruled that the claimant shall file an amendment to the statement of claim within 15 days of receipt of the panel's Order. The panel agreed that the award in this matter could be executed in counterpart copies or that a handwritten, signed award may be entered.