Lanfear Capital Advisers LLC v. Global Crown Capital LLC, Rani Tarek Jarkas
Published: Oct. 17, 2009 | Result Date: Jul. 6, 2009 | Filing Date: Jan. 1, 1900 |Case number: 08-01035 Arbitration – $1,688,000
Court
Arbitration Forum
Attorneys
Claimant
Respondent
Facts
Claimants Lanfear Capital Advisers LLC entered into a contract with defendants Global Crown Capital LLC and Rani Jarkas regarding the trading of securities for two kinds of accounts: Global Crown and Cogent Capital Management. Claimant brought suit alleging respondent violated many federal and state statutes as well as breached its duties to claimant.
Contentions
CLAIMANT'S CONTENTIONS:
The claimant claimed that the respondent was liable for fraud, negligent misrepresentation, breaches of fiduciary duty and FINRA standards, excessive trading, and other violations of federal and state securities laws and state statutory and common laws.
Damages
The claimant demanded at least $1.7 million in compensatory damages, as well as punitive damages, costs, and attorney fees.
Result
The panel ruled for claimants, who received $1 million for losses in the Global Crown accounts, $688,000 for losses in the Cogent Capital Management account, and interest. Punitive damages and attorney fees and costs were denied. The arbitrators made no findings of any wrongdoing by the firm.
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