Oliver Schwarz v. Citigroup Global Markets Inc., Citigroup Global Markets Holdings Inc., Morgan Stanley Smith Barney
Published: Jul. 21, 2012 | Result Date: Jun. 4, 2012 | Filing Date: Jan. 1, 1900 |Case number: 10-03113 Arbitration – Verdict for respondent Morgan Stanley Smith Barney
Court
FINRA
Attorneys
Claimant
George C. Miller
(Shustak, Reynolds & Partners PC)
Thomas C. Frost
(The Frost Firm)
Respondent
Shannon L. McDougald
(McDougald Law Group PS)
Scott L. Metzger
(Duckor, Metzger & Wynne APLC)
Facts
In a matter concerning both claimant Oliver Schwarz's employment and the execution of a promissory note, Schwarz asserted causes of action for breach of contract, tortious interference with actual and prospective economic advantage, promissory estoppel, negligence, fraudulent inducement, constructive fraud, negligent misrepresentation, intentional misrepresentation, breach of the implied covenant of good faith and fair dealing, and violation of California Labor Code Section 2802.
Damages
Schwarz sought $4,553,009 in damages, plus attorney's fees, punitive damages, and a declaratory judgment eliminating any obligation to pay the note.
Result
Schwarz was found liable to Morgan Stanley Smith Barney (MSSB) $1,538,662.24 with interest accruing at a rate of 9.25%, to be offset by the $486,652 Schwarz would receive. Schwarz also was found to owe MSSB $85,265 in attorney fees and $6,175 in costs. The arbitration panel found unanimously for Schwartz on the negligent misrepresentation claim, but awarded no compensatory damages. It did, however, award attorney's fees, costs, and expert fees, which comprise the $486,652 offset, above.
Other Information
FILING DATE: Janice L. Sperow, Sally G. Williams, Barry E. Kersh.
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