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
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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