E. Thomas Clark Jr., aka Elmer Thomas Clark Jr., successor trustee of the E. Thomas Clark 2000 Trust, dated March 6, 2000, as amended by the Amendment to the Declaration of Trust, dated April 27, 2005 v. Maureen Bryan-Furguson; John Ward Francis; Merrill, Lynch, Pierce, Fenner & Smith Inc.
Published: Nov. 10, 2017 | Result Date: Sep. 11, 2017 | Filing Date: Jan. 11, 2016 |Case number: FINRA: 16-00100 Arbitration – Respondent
Arbitrator
Attorneys
Claimant
Respondent
Tara Ann LaClair
(Crowe & Dunlevy PC)
for respondent/cross-claimants Merrill, Lynch, Pierce, Fenner & Smith Inc., John Ward Francis
Thomas B. Snyder
(Crowe & Dunlevy)
for respondent/cross-claimants Merill, Lynch, Pierce, Fenner & Smith Inc., John Ward Francis
Howard R. Melamed
for respondent/cross-respondent Maureen Bryan-Furguson
Facts
Claimant E. Thomas Clark Jr., filed suit against Maureen Bryan-Furguson, John Ward Francis, and Merrill, Lynch, Pierce, Fenner & Smith Inc. in relation to his account being transferred.
Contentions
CLAIMANT'S CONTENTIONS: Claimant contended that Merrill Lynch wrongfully and negligently transferred an account to Maureen Bryan-Furguson. Consequently, claimant lost the value of the account and all assets contained in it.
Claimant asserted causes of action for wrongful transfer of trust assets, fraud and gross negligence.
RESPONDENTS' CONTENTIONS: Respondents denied claimants' allegations and asserted various affirmative defenses. Merrill Lynch and Francis also filed a cross claim against Bryan-Furguson, seeking indemnification and to be held harmless.
Result
The parties entered into a settlement agreement and release following mediation. After claimant later asserted the agreement was null and void, the arbitration panel found the parties' agreement enforceable and ordered the parties to comply with its terms.
Other Information
ARBITRATORS: Peter H. Daly, presiding chairperson; Dean J. Dietrich; Marvin L. Watkins.
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