Facts

ODS Capital LLC asserted an arbitration claim against respondent Wedbush Securities Inc. in connection to Wedbush Securities' retention of funds related to a charge in ODS's account due to a merger and related settlement of a class action suit involving shares of a common stock claimant short sold.

PLAINTIFF'S CONTENTIONS: ODS contended that Wedbush failed to transfer and improperly retained funds in its account that was owed to ODS. ODS argued that it was owed $33,000 from a merger and settlement agreement related to a class action lawsuit from stock that ODS short-sold.

DEFENDANT'S CONTENTIONS: Respondent denied the allegations and filed a counterclaim for unjust enrichment.

Damages

ODS sought the release of $33,000 in funds and interest. ODS further sought punitive damages, legal fees, and $99,000 in treble damages. Wedbush counterclaim sought $31,985.22 in compensatory damages.

Result

The arbitrator found in favor of ODS and denied Wedbush's counterclaim. ODS was awarded $36,569.15 in compensatory damages in addition to 6.09 percent interest. ODS was also awarded $300 in filing fees.

Other Information

ARBITRATORS: Mark C. Perry, presiding chairperson, Sidney Turner, Ronald S. Robins.