David John Hughes v. Kestra Investment Services LLC fka NFP Advisor Securities LLC
Published: Feb. 2, 2018 | Result Date: Dec. 18, 2017 |Case number: FINRA: 16-02139 Arbitration – Defense
Arbitrator
Attorneys
Claimant
Jonah A. Toleno
(Shustak, Reynolds & Partners PC)
Respondent
Kelsey L. Hotchkiss
(Freeman, Freeman & Smiley LLP)
Facts
David John Hughes was employed by Kestra Investment Services LLC.
Contentions
PLAINTIFF'S CONTENTIONS: Hughes asserted several causes of action, including negligence, unjust enrichment, securities laws violations, breach of the implied covenant of good faith and fair dealing, and promissory estoppel. Claims regarding promissory notes were also alleged.
DEFENDANT'S CONTENTIONS: The allegations against Kestra were denied, and numerous defenses were proffered. The respondents requested costs and disbursements, and an order dismissing Hughes' claims.
Damages
Among Kestra's requests, $710,156.94 was claimed in compensatory damages.
Result
A stipulated award agreement was presented by the parties to the panel. The panel granted the stipulation and entered an award for Kestra in the amount of an initial payment of $335,000. Further, Hughes agreed to make additional regular payments to Kestra through 2020 totaling $290,000.
Other Information
Consolidated with: Kestra Investment Services LLC fka NFP Advisor Securities LLC v. David John Hughes (16-02182). ARBITRATORS: Thomas L. Marshall, presiding chairperson; Joseph J. Woodford; Brian W. Heublein.
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