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Securities
Breach of Fiduciary Duty
Fraud

David J. Foster on behalf of the David J. Foster Charles Schwab & Co. Inc., Custodian IRA Contributory v. Charles Schwab & Co. Inc.

Published: Aug. 21, 2010 | Result Date: Aug. 5, 2010 | Filing Date: Jan. 1, 1900 |

Case number: 09-07116 Arbitration –  Respondent

Court

FINRA


Attorneys

Claimant

David P. Meyer


Respondent

Sean B. Meehan


Facts

David Foster filed a claim against Charles Schwab & Co. Inc. for securities violations relating to the Schwab YieldPlus Fund.

Contentions

CLAIMANT'S CONTENTIONS:
Foster contended that Schwab violated the Ohio Securities Act, NASD and NYSE Conduct rules and was liable for common law fraud, constructive fraud, breach of contract, negligence and breach of duty, negligent supervision, breach of fiduciary duty, and respondeat superior.

Damages

Foster sought to recover $25,000 plus interest, attorney fees, and costs.

Result

The arbitrator found for Schwab.


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