Wells Fargo Clearing Services, LLC v. Xiangyu Yu Zhang
Published: Jun. 26, 2020 | Result Date: Mar. 26, 2020 | Filing Date: Sep. 9, 2019 |Case number: FINRA: 19-02709 Arbitration – $1,400,000
Attorneys
Claimant
Joshua B. Norton
(Keesal, Young & Logan)
Elizabeth H. Lindh
(Keesal, Young & Logan)
Respondent
Franklin Tzeng
(Franklin International Law Group, PC)
Facts
Wells Fargo Clearing Services, LLC initiated an arbitration against Xiangyu Yu Zhang relating to a promissory note and common count for account stated between the parties.
Contentions
CLAIMANT'S CONTENTIONS: Claimant contended that respondent was liable to claimant for damages resulting from respondent's unpaid balance on the promissory note. Claimant also contended that respondent was liable for interest, which was calculated annually from the date of default at 5.65 percent. Claimant also contended that respondent was unjustly enriched by the unpaid monies owed to claimant.
RESPONDENT'S CONTENTIONS: Respondent did not file a response.
Result
Respondent was ordered to pay claimant $1.4 million, including interest, in compensatory damages.
Other Information
ARBITRATOR: Barbara M. Zak.
For reprint rights or to order a copy of your photo:
Email
jeremy@reprintpros.com
for prices.
Direct dial: 949-702-5390