Aimai Knypstra, Ravi Knypstra, Trustee of Subtrust A of the Knypstra Family Trust and Trustee of the Knypstra 2008 Irrevocable Trust v. Ameriprise Financial Services, Inc., John Charles Koudsi, Ameriprise Financial Inc., Riversource Life Insurance Co.
Published: May 10, 2014 | Result Date: Mar. 4, 2014 | Filing Date: Jan. 1, 1900 |Case number: 12-00772 Arbitration – Respondent
Court
FINRA
Attorneys
Claimant
J. Benjamin Blakeman
(Blakeman Law)
Respondent
Chad E. Weaver
(Freeman, Mathis & Gary LLP)
Facts
Aimai Knypstra, Ravi Knypstra, and the Knpystra Family Trust filed for arbitration against Ameriprise Financial Services Inc., John Koudsi, Ameriprise Financial Inc., and Riversource Life Insurance Co.
Contentions
PLAINTIFF'S CONTENTIONS:
The Knypstras asserted causes of action for breach of duty, professional negligence, negligent supervision, and financial elder abuse. The causes of action related to investments in the Riversource Flexible Premium Variable Life Insurance Policy.
DEFENDANT'S CONTENTIONS:
The respondents denied the allegations and asserted various affirmative defenses.
Result
The arbitration panel denied the Knypstras claims in their entirety, and also denied Koudsi's request for expungement.
Other Information
The original panel chairperson, who called himself James H. Frank, was actually an impostor who claimed to be an active member of the California Bar, and an inactive member of the New York and Florida Bars. The panelist was actually not a lawyer in any jurisdiction at any time and was impersonating an inactive California lawyer named James Hamilton Frank, who is now a retired lawyer and an Los Angeles Police Department reserve police officer. The panelist was removed from the panel after the 5 day hearing, and replaced, over the objections of the claimants who wanted a new hearing, with a new panel chair, who listened to the audio tape recording of the proceedings and looked at exhibits to make a determination with the two original remaining panel members. Claimants intend to petition the Superior Court to vacate this award. ARBITRATORS: Susan B. Gans-Smith, Gary Timothy Halght and Anna Marie Turco
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