Facts

Morgan Stanley Smith Barney LLC filed for arbitration against Victor Elkind.

PLAINTIFF'S CONTENTIONS:
Morgan Stanley asserted a cause of action for breach of promissory notes. Elkind executed the notes while Morgan Stanley employed him.

DEFENDANT'S CONTENTIONS:
Elkind denied the allegations, and filed a counterclaim. In his counterclaim, Elkind asserted causes of action for breach of contract, breach of the implied covenant of good faith and fair dealing, fraudulent inducement, intentional misrepresentation, intentional omission, negligence, negligent misrepresentation, negligent omission, tortious interference, constructive fraud, constructive termination, promissory estoppel, breach of fiduciary duty, and unjust enrichment. The causes of action related to Elkind's employment with Morgan Stanley.

Damages

Morgan Stanley sought $17,750 and $169,167, the outstanding amounts on the two promissory notes.

Result

The arbitration panel found in favor of Morgan Stanley, and denied all of Elkind's claims. It awarded Morgan Stanley $19,261 on the first promissory note, and $186,291 on the second promissory note. The panel also ordered Elkind to pay $140,000 in attorney fees, and $10,229.97 in costs.

Other Information

ARBITRATORS: Lester G. Stiel, Michael D. Briggs and Alan Joseph Goldstein