Facts

Claimant Peter Masso filed a complaint against Commonwealth Financial Network. His claims involved a private placement debt security, InterBank Funding Special Purpose Corporation IV Notes. The dispute was submitted to arbitration.

CONTENTIONS:
Claimant alleged wrongful conduct, breach of fiduciary duty, fraud, constructive fraud, failure to supervise, and breach of contract, as well as violation of Federal Securities Laws, NASD Rules and NYSE Rules. Respondent specifically admitted some allegations, but denied the rest and asserted various affirmative responses.

Damages

Claimant requested at least $100,000 in compensatory damages, disgorgement, restitution, rescission, lost opportunity costs, attorney fees, costs, interest, punitive damages and such other relief deemed proper. Respondent requested dismissal of claimant's complaint, costs, attorney fees and such other relief deemed proper.

Result

The parties reached a settlement. Claimant agreed to transfer and assign his interest in the InterBank Fund Notes to respondent, and to dismiss he claims against respondent. Each party bore their own costs and fees.

Other Information

ARBITRATORS: Fern Sue Reidman, Esq., public arbitrator, presiding chairperson; Benjamin L. Anderson, public arbitrator; Vincent Cannaliato Jr., non-public arbitrator.