Facts

Claimants Jeffrey Harris and Mary Anderson filed a complaint against Citicorp Investment Services, William Howard and Michael Myllek. Their claims involved transactions in various securities, and were heard by an NASD arbitration panel.

CONTENTIONS:
Claimants alleged fraud, negligence, breach of contract, breach of fiduciary duty, misrepresentation, unsuitability, churning, and failure to supervise.

Damages

Claimants sought $350,000 in compensatory damages, $100,000 or more, subject to proof, for lost income, reimbursement for the reasonable costs of arbitration, punitive and exemplary damages, and disciplinary referrals as appropriate. Respondent Citicorp requested dismissal of claimants' claims, and any other relief deemed appropriate. Respondent Howard requested dismissal of the claimants' claims, costs, and any other relief deemed appropriate.

Result

Claimants withdrew their claims against Myllek. The claimant's claims were all denied. Each party bore their own costs.

Other Information

Arbitration panel was Michael Garcia, Jonathan H. Krotinger and Rudy E. Thorwirth.