Philip Ashburn, Connie Johnson, Adela Pena, Lauro Pena, William Percy and Karrell Wood v. Sagepoint Financial Inc., Sharon A. Kearney, AIG Advisor Group Inc., AIG Retirement Services Inc.
Published: Feb. 16, 2013 | Result Date: Jan. 31, 2013 | Filing Date: Jan. 1, 1900 |Case number: 10-01501 Arbitration – Dismissal
Court
FINRA
Attorneys
Claimant
Melinda J. Steuer
(Law Offices of Melinda Jane Steuer)
Scott R. Shewan
(Pape & Shewan LLP)
Respondent
Facts
Philip Ashburn, Connie Johnson, Adela Pena, Lauro Pena, William Percy and Karrell Wood filed a complaint against Sagepoint Financial Inc., Sharon A. Kearney, AIG Advisor Group Inc. and AIG Retirement Services Inc. alleging several causes of action, including, among others, intentional misrepresentation, reckless misrepresentation, intentional breach of fiduciary contract, negligent breach of fiduciary duty, and fraudulent conveyance in connection Kearney's advice to claimants to take an early retirement offer as a lump sum payment and invest the money into variable annuities offered by the other respondents.
Damages
Claimants sought compensatory damages, damages for emotional distress and mental suffering, as well as punitive and exemplary damages and attorney's fees and costs.
Result
Claimants dismissed AIG Advisor and AIG Retirement with prejudice. Ultimately, the FINRA Panel denied Claimants' claims in their entirety. Any and all other relief sought by Claimants was also denied.
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