Eric Allen Sigdestad, Shane N. Hertel v. LPL Financial LLC
Published: May 25, 2013 | Result Date: May 13, 2013 | Filing Date: Jan. 1, 1900 |Case number: 12-00609 Arbitration – Expungement
Court
FINRA
Attorneys
Claimant
Jonah A. Toleno
(Shustak, Reynolds & Partners PC)
Erwin J. Shustak
(Shustak, Reynolds & Partners PC)
Respondent
David S. Markun
(Markun, Zusman, Freniere & Compton LLP)
Facts
Eric Sigdestad and Shane Hertel filed suit against LPL Financial LLC, asserting causes of action for breach of contract, breach of the implied covenant of good faith and fair dealing, tortious interference with actual and prospective economic advantage, and invasion of privacy. The causes of action related to their independent-contractor registered representative affiliation with LPL and LPL's termination of said affiliation and subsequent filing of Forms U5 for the claimants.
Damages
The claimants sought expungement of the statements on the Form U5 and money damages of approximately $250,000.
Result
The parties reached a confidential settlement agreement and the arbitration panel recommended the expungement of various parts of Hertel and Sidgestad's Form U5. The claimants and respondents were both liable for half of the forum fees assessed by the arbitration panel.
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