Facts

Claimant Moosa M. Lunat alleged the following claims with respect to investments in various securities, including but not limited to, Advanced Power Technologies, Allegiance Telecom, Ampex Corp., Atmel Corp., Cell Genesys Inc., Conductus Inc., Cytogen Corp. and Illinois Superconduct. The claims were for churning; unsuitability; fraud, deceit and omission of material fact; breach of fiduciary duty; failure to supervise; and negligence. The respondents were Clover J. Hill, Weatherly Securities Corp., Weatherly International PLC and Ehrenkrantz King Nussbaum Inc.

In a separately filed Statements of Answer, Respondents Hill and EKN denied the claimant's allegations of wrongdoing and denied any liability to the claimant. Respondents Hill and EKN also asserted various defenses.

Damages

The claimant requested compensatory damages of approximately $1,621,241.06; disgorgement of the respondents' commissions, margin interest and any other compensation; punitive damages; interest; costs including attorney and consulting fees; and such other and further relief as the panel deems just and proper. Respondent Hill requested dismissal of the claimant's claims and such other and further relief as the panel deems just and proper. Respondent EKN requested that the Amended Complaint against it be dismissed; costs and expenses of this arbitration, including but not limited to forum fees, arbitrator fees and member surcharge fees; attorney fees and all other relief as the panel deems appropriate.

Result

Respondent EKN's Motion to Dismiss was granted. All claims by the claimant, including the claim for punitive damages, against EKN were dismissed. Respondent EKN's requests for waiver of charges and fees are denied.