Facts

Lance Williams filed an arbitration claim against Merrill Lynch in relation to the expungement of customer complaints from his Central Registration Depository records.

CLAIMANT'S CONTENTIONS: Williams requested expungement of the underlying complaints from his Central Registration Depository records and claimed the allegation of unsuitability was factually impossible or clearly erroneous, and contended the allegation was false.

RESPONDENT'S CONTENTIONS: Merill Lynch took no position on the expungement request.

Result

The arbitrator recommended expungement of the customer complaints. The arbitrator found that the interest rates rose, which caused the investments to decline and that this was hard to predict. The arbitrator further found that Williams met with the customer and discussed the risks and costs of the investments. The arbitrator held the allegation of unsuitability was clearly erroneous.