Mary Ellen Watson, individually and as Trustee for The Mary Ellen Watson Trust dated 5/6/93 v. Morgan Stanley DW Inc., Theodore T. Rutter
Published: Feb. 4, 2006 | Result Date: Oct. 7, 2005 | Filing Date: Jan. 1, 1900 |Case number: 0404763 – $141,434
Facts
Claimant Mary Ellen Watson brought an NASD securities arbitration claim against Respondents Morgan Stanley DW Inc. (broker-dealer) and Theodore Rutter (broker) alleging breach of fiduciary duty, unsuitability, constructive fraud violation of the NASD and NYSE rules, violation of state and federal securities laws, and failure to supervise. The claimant's allegations involved the alleged over-concentration of her account in technology stock.
Damages
In her Amended Statement of Claim, the claimant sought $343,742 in compensatory damages, profits the respondents generated from the claimant's account of at least the amount equal to the total commissions and fees generated in all unsuitable transactions executed, lost opportunity cost of what the claimant's account would have earned if invested properly, pre and post judgment interest, and costs, including attorney's fees.
Result
The respondents Morgan Stanley DW Inc. and Theodore T. Rutter are jointly and severally liable to the claimant in the sum of $141,433.66 in compensatory damages.
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