This is the property of the Daily Journal Corporation and fully protected by copyright. It is made available only to Daily Journal subscribers for personal or collaborative purposes and may not be distributed, reproduced, modified, stored or transferred without written permission. Please click "Reprint" to order presentation-ready copies to distribute to clients or use in commercial marketing materials or for permission to post on a website. and copyright (showing year of publication) at the bottom.

Securities
Breach of Duty
Unsuitability

Linden Pasadena Properties, LLC v. Citigroup Global Markets Inc., Susan Griswold Mamer

Published: Jan. 8, 2011 | Result Date: Dec. 2, 2010 | Filing Date: Jan. 1, 1900 |

Case number: 09-01102 Arbitration –  Defense

Court

FINRA


Attorneys

Claimant

Jared R.B. Hutton


Respondent

Gordon C. Young
(Barr & Young Attorneys)


Experts

Claimant

Mason Dinehart
(technical)

Respondent

Paul Yenofsky
(technical)

Facts

Linden Pasadena Properties LLC entered into arbitration with Citigroup Global Markets Inc. and Susan Mamer regarding the purchase of unspecified preferred stock.

Contentions

CLAIMANT'S CONTENTIONS:
Linden alleged unsuitability, breach of fiduciary duty, misrepresentation, failure to supervise, negligence, gross negligence, recklessness, and violation of securities laws.

RESPONDENTS' CONTENTIONS:
Citigroup and Mamer denied the allegations, asserting various affirmative defenses.

Damages

Linden sought $477,468 in compensatory damages, as well as interest, $1.5 million in punitive damages, attorney fees, and costs.

Result

The arbitration panel denied all of Linden's claims.

Other Information

ARBITRATORS: Robert J. Ruben, Joseph C. Watson, Anna Marie Turco. FILING DATE: Feb. 25, 2009.


#93296

For reprint rights or to order a copy of your photo:

Email jeremy@reprintpros.com for prices.
Direct dial: 949-702-5390