David Caidar, individually and as Trustee of the David Caidar Trust v. Morgan Stanley
Published: Feb. 1, 2019 | Result Date: Dec. 7, 2018 | Filing Date: Nov. 30, 2015 |Case number: FINRA: 15-03238 Arbitration – $32,710
Arbitrator
Attorneys
Claimant
Bruce D. Oakes
(Oakes & Fosher LLC)
Respondent
Nicholas Y. Lin
(Morgan Stanley Smith Barney)
Facts
David Caidar filed an arbitration claim against Morgan Stanley in relation to investments.
Contentions
CLAIMANT'S CONTENTIONS: Caidar contended that respondent switched him out of four mutual funds and invested the proceeds in 12 different mutual fund families, which caused him to pay commissions and prevented him from taking advantage of cost savings through mutual fund breakpoints. Caidar filed causes of action for violation of the California Securities Act, breach of fiduciary duty, common law fraud, breach of contract, negligence, negligent misrepresentation/omission, and negligent supervision.
RESPONDENT'S CONTENTIONS: Respondent denied the contentions.
Damages
Caidar sought $250,000 in compensatory damages.
Result
The arbitrator found that respondent was liable in the amount of $32,709.97 in compensatory damages.
Other Information
ARBITRATORS: Thomas R. Watkins, presiding chairperson, Elliott D. Finkel, Constance E. Boukidis.
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