Manuel Bernal, Jean Bernal, John McClennan, Jeannette McClennan v. Attila Gyula Toth, Latitude Financial Services LLC, CapWest Securities Inc., Workman Securities Corporation
Published: Oct. 22, 2011 | Result Date: Jul. 25, 2011 | Filing Date: Jan. 1, 1900 |Case number: 09-06787 Arbitration – $437,626
Court
FINRA
Attorneys
Claimant
Respondent
H. Thomas Fehn
(Fields Fehn & Sherwin)
Debra A. Jenks
(Jenks & Harvey LLP)
Facts
Manuel and Jean Bernal, along with John and Jeannette McClennan entered into arbitration with CapWest Securities Inc., Workman Securities Corp., Attila Toth, and Latitude Financial Services LLC regarding investments in oil and gas ventures Striker Petroleum and Shale Royalties.
Contentions
CLAIMANT'S CONTENTIONS:
The Bernals and McClennans alleged professional negligence, breach of fiduciary duty, misrepresentations and omissions, and vicarious liability.
RESPONDENT'S CONTENTIONS:
CapWest, Workman, Toth, and Latitude denied the allegations, asserting various affirmative defenses.
Damages
The Bernals and McClennans sought rescission, including return of the principal lost in investments, costs, and attorney fees totaling $661,250.
Result
The arbitration panel found CapWest, Toth, and Latitude liable to the Bernals for $184,126, as well as Toth and Latitude liable for $30,000. The panel also found CapWest, Toth and Latitude liable to the McClennans for $148,500, and Toth and Latitude liable to the McClennans for $75,000. The panel also awarded attorney fees, costs and interest.
Other Information
ARBITRATORS: Louis M. Parker, Jay Lawrence Witkin, James E. Stark.
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