El Capitan Limited Corporation v. TD Ameritrade Inc.
Published: Mar. 8, 2019 | Result Date: Dec. 13, 2018 | Filing Date: Sep. 10, 2015 |Case number: FINRA: 15-02387 Arbitration – Respondent
Arbitrator
Attorneys
Claimant
Samuel B. Edwards
(Shepherd, Smith, Edwards & Kantas)
Respondent
Neil S. Baritz
(Baritz & Colman LLP)
Facts
El Capitan Limited Corp. filed an arbitration claim against TD Ameritrade Inc. in relation to investor trading.
Contentions
CLAIMANT'S CONTENTIONS: Claimant alleged that respondent traded in its portfolio margin account unnecessarily and without authorization. Therefore, claimant asserted causes of action against respondent for breach of contract, breach of fiduciary duty and negligence.
RESPONDENT'S CONTENTIONS: Respondent denied the allegations. Respondent also alleged a breach of contract counterclaim.
Result
The panel denied El Capitan's claims and granted respondent's counterclaim. It ordered El Capitan to pay respondent compensatory damages in the amount of $174,709.80.
Other Information
ARBITRATORS: Jeffrey M. Allen, presiding chairperson, Lawrence R. Mills, Anne M. Lawlor Goyotte.
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