Facts

Timothy Hughes filed an arbitration claim against SECU Brokerage Services Inc. (fka XCU Capital Corp.), and Joan Potter McCool in relation to three customer complaints.

CLAIMANT'S CONTENTIONS: Claimant contended that the three customer complaints were improperly reported.

RESPONDENTS' CONTENTIONS: Respondent denied the allegations and asserted all affirmative defenses.

Settlement Discussions

Claimant sought expungement of three customer complaints, amendments of his Form U5 to reflect his voluntary termination, and damages in the sum of $50,000. Respondents sought that claimant's claim be dismissed and counterclaimed for damages in the sum of $100,000.

Result

The Panel determined that claimant's claims should be dismissed finding that claims occurred in 2005 and the Statement of Claim was filed in 2017. The Panel also denied respondents' counterclaim finding that claimant's claims were not frivolous.

Other Information

ARBITRATORS: Alan Stamm, presiding chairperson; Mark A. Levy; Rahsan Malik Boykin.