Bobby L. Hayes, Bobby L. Hayes Living Trust v. Banc of America Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Inc.
Published: Feb. 25, 2012 | Result Date: Jan. 31, 2012 | Filing Date: Jan. 1, 1900 |Case number: 11-00432 Arbitration – $1,377,010
Facts
Bobby Hayes and the Bobby L. Hayes Living Trust filed a complaint against Banc of America Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Inc. related to claimants' investment in Lyon Capital Management (LCM). Claimants alleged breach of contract of written and oral contracts; fraud; breach of fiduciary duty; negligence; failure to supervise and control; consumer fraud; and state security violations.
Damages
Claimants sought no less than $883,122.50 in compensatory damages; lost opportunity cost; rescission of the LCM investment; punitive damages; interest; attorney fees and costs; and other relief.
Result
The FINRA Panel found Merrill Lynch solely liable for rescissionary damages in the amount of $1,134,791.24; $218,344 in attorney fees; $23,5000 in costs; and $375 in reimbursement costs. All other relief, including punitive damages, were denied.
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