Facts

Chad Whitmore and Susan Whitmore filed an arbitration claim against D.A. Davidson & Co. in relation to his investment of bonds.

CLAIMANTS' CONTENTIONS: The Whitmores contended that they purchased improper and unsuitable bonds based on respondent's misrepresentations. Claimants asserted causes of action for fraudulent misrepresentation, fraudulent concealment, negligent misrepresentation, negligence, negligent supervision, negligent communication with claimants, and negligent provision of investment advice. Furthermore, The Whitmores contended that respondent violated the Securities Act of Nebraska. Lastly, The Whitmores contended respondent breached its fiduciary duty, and breached its contract.

RESPONDENT'S CONTENTIONS: Respondent denied the allegations.

Result

The panel found respondent liable and respondent was ordered to pay $783,286.94 to the Whitmores. Additionally, the panel ordered respondent to pay attorney fees of $120,000 and costs of $46,865.

Other Information

ARBITRATORS: Charles G. Michaels, presiding chairperson, Ruth M. Moore, Dennis C. Moore Jr.