Facts

Claimant Scott Tepper filed an arbitration claim against Vanguard Marketing Corp. for several causes of action including breach of fiduciary duty, failure to execute and negligence.

CLAIMANT'S CONTENTIONS: Claimant alleged that the respondent failed to execute a sell order on claimant's account, which included the sale of shares in the Vanguard 500 Index Fund Admiral Shares. Vanguard delayed liquidating Tepper's account in a falling market after Tepper's father died and he became the successor trustee. Vanguard delayed to set up a new account against Tepper's wishes.

RESPONDENT'S CONTENTIONS: Respondent denied all allegations and asserted various affirmative defenses.

Result

The arbitrator found for the claimant and held the respondent responsible. Respondent was held liable for and ordered to pay to claimant 100 percent of the amount of $67,868.67 in compensatory damages with a 10 percent interest rate until the amount is paid in full and attorney fees.