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Securities
Breach of Fiduciary Duty
Negligent Misrepresentation

Steven Steinberg v. UBS Financial Services Inc.

Published: Sep. 11, 2010 | Result Date: Aug. 18, 2010 | Filing Date: Jan. 1, 1900 |

Case number: 09-02893 Arbitration –  Respondent

Court

FINRA


Attorneys

Claimant

Val D. Hornstein
(Hornstein Law)


Respondent

Kathleen S. Adams


Facts

Claimant Steven Steinberg entered into arbitration with respondent UBS Financial Services Inc. regarding the purchase of General Motors Acceptance Corp. Smartnotes and Ford Motor Credit Notes.

Contentions

CLAIMANT'S CONTENTIONS:
Steinberg alleged breach of fiduciary duty, professional negligence, negligent representation, breach of contract, fraud and deceit, as well as violations of FINRA Rules of Fair Practice and breach of duty as a financial advisor or expert.

RESPONDENT'S CONTENTIONS:
USB denied the allegations, asserting various affirmative defenses.

Damages

Steinberg sought $86,000 in compensatory damages as well as interest, fees, costs, and punitive damages.

Result

The arbitrator denied Steinberg's claims.


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