Ronald L. Lawrence, Janice L. Lawrence, Recruiter's Resource Inc. v. Charles Schwab & Co. Inc.
Published: May 2, 2009 | Result Date: Aug. 20, 2008 | Filing Date: Jan. 1, 1900 |Case number: 07-02489 Arbitration – Defense
Court
Arbitration Forum
Attorneys
Plaintiff
Mark A. Schadrack
(Lewis, Brisbois, Bisgaard & Smith LLP)
Defendant
Paul S. Chan
(Bird, Marella PC)
Facts
Ronald Lawrence, Janice Lawrence, and Recruiter's Resource Inc. sued Charles Schwab & Co. for breach of fiduciary duty.
Contentions
PLAINTIFF'S CONTENTIONS:
The plaintiffs claimed that an unqualified employee assisted them in setting up a pension plan, which resulted in negligence, breach of contract, and breach of fiduciary duty.
DEFENDANT'S CONTENTIONS:
The defense denied that it was negligent in staffing. The paperwork that established plaintiffs' pension plan specified that plaintiffs' were not to rely on Schwab & Co. for investment or tax advice. Furthermore, the Lawrences were ineligible as a matter of law for the pension plan they sought damages for.
Result
The arbitrators' decision was for the defense.
Other Information
ARBITRATORS: Morris S. Getzels, Valerie Lewis, Victoria E. Johnson.
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