Facts

Claimant Barbara Wammer, individually and on behalf of the Nelson Irrevocable Trust and Nelson Marital Trust, filed a claim against respondents 1st Discount Brokerage Inc. (1DB), Kenneth Myers, Acument Securities Inc., and Robert Angle relating to options and stock trades made in the accounts of the Trusts.

Claimants dismissed the claims against respondents ASI and Angle without prejudice on Jan. 22, 2010.

CLAIMANT'S CONTENTIONS:
Claimant alleged breach of fiduciary duty, unsuitability, violation of California Securities Act (CSA) and Section 10(b) of the Securities Exchange Act of 1934 (1934 Act), Control Person Liability under the CSA and 1934 Act, and respondeat superior.

Damages

Claimants sought damages in excess of 1,000,000 plus interest, attorney fees, and punitive damages.

Result

The panel ordered 1DB to pay $60,690 in compensatory damages, plus 10 percent interest. The panel ordered Myers to pay $141,610 in compensatory damages, plus 10 percent interest. The award reflected a 15 percent reduction, reflecting occasional speculation, and an additional 50 percent reduction, for claimant's contributory conduct.

Other Information

FILING DATE: Mary Margaret Bush, Gary H. Kahn, Juleanne A. Thiebaut.