Facts

Claimant invested in a portfolio through UBS Financial Services Inc. to produce retirement income and long-term financial security.

CLAIMANT'S CONTENTIONS:
Claimant alleged that the return on its portfolio from 2000 through 2015 should have been in line with the Dow Jones, NASDAQ and S&P 500.

RESPONDENT'S CONTENTIONS:
Respondent contended that the portfolio was invested consistent with the claimant's objective of income and security. Claimant was aware of the investments and took no action to change the strategy. At no point was the portfolio designed to track the major market indices.

Damages

Claimant sought compensatory damages of $1,289,320.14 and punitive damages of $1,449,110.88.

Result

The panel denied claimant's claims in their entirety and awarded $0 to claimant in damages. Respondent UBS was ordered to pay claimant $10,000 for discovery sanctions. The panel assessed 100 percent of the hearing session fees to claimant, totaling $10,250. The Panel recommended the expungement of all reference to the arbitration from unnamed party Barry N. Goldstein's registration records maintained by the CRD.

Other Information

ARBITRATORS: Gordon M. Wase, Frank P. Santangelo, Cornelius C. Clancy. FILING DATE: Feb. 16, 2016.