Facts

Rosalie Everson and John Everson filed an arbitration claim against Edward Jones & Co., L.P. dba Edward Jones and Richard L. McMillin in relation to the distribution of assets.

CLAIMANTS' CONTENTIONS: Claimants contended that respondents failed to distribute the assets of securities accounts pursuant to Transfer on Death Beneficiary Designations. Claimants asserted causes of action for breach of contract; breach of fiduciary duty; liability under the Missouri Securities Act, under the doctrines of actual, apparent, and implied authority and respondeat superior; breach of duties of care, good faith and fair dealing; negligent supervision and negligence; breach of duties of reasonable and appropriate supervision; and violation of the FINRA rules of fair dealing.

RESPONDENTS' CONTENTIONS: Respondents denied the contentions.

Damages

Claimants sought $280,000 in out of pocket damages.

Result

The panel found that claimants were not customers of Edward Jones and that they were named as Transfer on Death Beneficiaries of certain accounts of an unrelated third party with Edward Jones. The panel denied the claims.

Other Information

ARBITRATORS: Marilyn R. Lewis, presiding chairperson, Ilene T. Gormly, Carol L. Roslund.