Karl Townsend, Karen Fann Townsend Trust v. Charles Schwab & Co. Inc.
Published: Oct. 20, 2012 | Result Date: Sep. 25, 2012 | Filing Date: Jan. 1, 1900 |Case number: 10-02880 Arbitration – Expungement
Court
FINRA
Attorneys
Claimant
Thomas D. Mauriello
(Mauriello Law Firm APC)
Respondent
Garrett R. Wynne
(Charles Schwab & Co. Inc.)
Audette Paul Morales
(Gordon & Rees LLP)
Facts
Karl Townsend filed suit against Charles Schwab & Co. Inc., asserting causes of action for negligence, breach of fiduciary duty, breach of contract, negligent misrepresentation, fraud and deceit, violations of California Business and Professions Code Section 17200, and violations of California Corporations Code Section 25401 and 25501. The causes of action arose from Townsend's investment in the Schwab YieldPlus fund.
Damages
Townsend sought $229,700 in compensatory damages.
Result
The arbitration panel denied Townsend's request for relief. It recommended the expungement of all references to Kimon Daifotis from the record, who the panel determined was not responsible for Townsend's damages.
Other Information
ARBITRATORS: Herb Schwartz, Walter P. Hitchcock, William A. Husa.
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