Facts

Kurt Jackson filed an arbitration claim against Merrill Lynch Pierce Fenner & Smith Inc. in relation to expungement of customer disputes.

CLAIMANT'S CONTENTIONS: Jackson requested expungement of a customer complaint and a NASD arbitration case. Jackson contended the customers' allegations of unsuitable trading were factually impossible or clearly erroneous. He also contended the allegation was false.

RESPONDENT'S CONTENTIONS: Respondent took no position as to the request.

Result

The arbitrator recommended expungement of the customers' complaint because it was factually impossible or clearly erroneous. There was no evidence of unsuitable investments. Additionally the customers' investment portfolio did not reduce in value but actually increased over time. Therefore, customers' suffered no loss. However, the NASD arbitration was not eligible for arbitration because it arose from a prior adverse award.