R. Kent Emigh, individually and as Trustee of the R. Kent Emigh Trust UA DTD 1/31/86 v. Wedbush Securities Inc., Lisa Ann Gallo
Published: Aug. 27, 2011 | Result Date: Aug. 2, 2011 | Filing Date: Jan. 1, 1900 |Case number: 10-01700 Arbitration – Claim Denial
Facts
R. Kent Emigh entered into arbitration with Wedbush Securities Inc. and Lisa Gallo regarding investments in Pacific Capital Bancorp securities.
Contentions
CLAIMANT'S CONTENTIONS:
Emigh alleged breach of fiduciary duty, unsuitability, failure to recommend risk management strategies, negligent, negligent supervision, and breach of contract.
RESPONDENT'S CONTENTIONS:
Wedbush and Gallo denied the allegations.
Damages
Emigh sought $2.5 million in damages, as well as punitive damages, interest, and costs.
Result
The arbitration panel denied Emigh's claims. Moreover, the panel ordered the expungement of information concerning the matter regarding Lisa Gallo from the CRD system.
Other Information
ARBITRATORS: Ralph A. Cotton, Thomas C. McNally, Louis A. Napoli.
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