Ray Pollard, successor Trustee of Pollard Family Trust U/A DTD January 29, 1986 and successor Trustee of Sierra Bonita Trust U/A DTD January 29, 1986 v. Wells Fargo Advisors LLC
Published: Nov. 10, 2017 | Result Date: Sep. 21, 2017 | Filing Date: Jun. 30, 2016 |Case number: FINRA: 16-01891 Arbitration – Respondent
Arbitrator
Attorneys
Claimant
Michael T. McColloch
(Michael McColloch, Esq.)
Respondent
Steven M. Malina
(Greenberg Traurig)
Facts
Ray Pollard, successor Trustee of Pollard Family Trust U/A DTD Jan. 29, 1986 and successor Trustee of Sierra Bonita Trust U/A DTD Jan. 29, 1986, filed a claim against Wells Fargo Advisors LLC, concerning certain securities.
Contentions
CLAIMANT'S CONTENTIONS: Claimants asserted causes of action for negligence; breach of fiduciary duty; suitability; respondeat superior; misrepresentation/fraud/non-disclosure; breach of contract; failure to supervise; failure to exercise compliance; and financial elder abuse.
RESPONDENT'S CONTENTIONS: Respondent denied the allegations and asserted various affirmative defenses.
Damages
Pollard sought $4.4 million in damages plus interest, attorney fees and costs, and other relief.
Result
The FINRA Panel denied Pollard's claims in its entirety and found him liable for $75,000 for Wells Fargo's attorney fees. Notwithstanding that ruling, the Panel denied Wells Fargo's expungement request.
Other Information
ARBITRATORS: Sally G. Williams, presiding chairperson; Randall B. Christison; William Richard Espino.
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