Facts

UBS Financial Services Inc. filed a claim in 2012 against Registered Representatives Randall Krenzin and William Zurn in connection with a prior FINRA arbitration relating to promissory notes filed in 2002 (and fees and costs in another matter) included in a settlement agreement reached in 2007.

CLAIMANT'S CONTENTIONS:
Claimant alleged breach of the settlement agreement executed by respondents. The notes were breached in 2002; the settlement agreement was made and breached in 2007 when Respondents did not make the required payment "immediately," as required by the settlement.

Damages

UBS sought to enforce agreements found in its favor and against Krenzin for $115,000 and against Zurn for $100,000, or in the alternative, UBS sought a finding that respondents breached the terms of the settlement reached in the prior arbitrations and more than $147,191 as against Krenzin and $92,906 as against Zurn pursuant to the claims asserted in the prior arbitrations. UBS also sought more than $78,000 in attorney fees and costs.

Result

The FINRA panel denied UBS' claims in their entirety.

Other Information

UBS called only its own attorneys to testify. Respondents did not testify.