David Baratko v. Banc of America Investment Services Inc., Merrill Lynch, Pierce, Fenner & Smith Inc.
Published: Jan. 5, 2013 | Result Date: Dec. 11, 2012 | Filing Date: Jan. 1, 1900 |Case number: 11-02971 Arbitration – Expungement
Facts
David Baratko filed a claim for arbitration against Bank Of America Investment Services Inc. and Merrill Lynch, Pierce, Fenner, & Smith Inc. in relation to the RiverSource Variable Annuity.
Contentions
CLAIMANT'S CONTENTIONS:
Claimant alleged negligence, misrepresentation, omission of material facts, failure to supervise, breach of contract, and unsuitability.
RESPONDENT'S CONTENTIONS:
Respondent rejected the allegations of wrongdoing.
Damages
Claimants asked for $990,000 in compensatory damages.
Result
The arbitration panel denied Merrill Lynch's request for expungement of unnamed party Ernie Kloock's records, and recommended expungement of unnamed party James Kremen's records. Further, the panel denied all other requested relief.
Other Information
ARBITRATORS: S. Charles Tabak, William E. Smith, Timothy J. Brown.
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