Facts

Credit Suisse Securities (USA), LLC filed a claim against Enable Capital Management, LLC alleging breach of contract, promissory estoppel, and unjust enrichment in connection to the sale of 3,075,099 shares of stock in Cell Therapeutics (CTIC) on the Borsa Italiana Exchange in Milan, Italy. Enable Capital Management LLC and Enable Growth Partners, LP (together, the Enable respondents) filed a third party claim against Jeffries & Co., Inc. alleging breach of contract, negligence, breach of fiduciary duty, and indemnification. Jeffries then filed a counter-claim against the Enable respondents for indemnification, and a cross-claim against Credit Suisse for indemnification and contribution.

PLAINTIFF'S CONTENTIONS:
Claimant Credit Suisse denied the claims made in the cross-claim.

DEFENDANT'S CONTENTIONS:
Respondent Enable Capital Management, LLC denied the claims brought by Credit Suisse, and the Enable respondents denied the claims in the counter-claim. Respondent Jeffries denied the claims within the third-party claim.

Damages

Claimant sought $2,720,286 in compensatory damages, costs, and attorney fees. Respondent Enable Capital Management, LLC sought that claimant take nothing, and requested costs, and attorney fees. In the third-party claim, Enable respondents requested attorney fees and expenses in defending against claimant's claims. Respondent Jeffries requested costs, attorney fees, indemnification, and contribution.

Result

The arbitration panel awarded claimant $326,175.85 against respondent Enable Capital Management LLC, and awarded the Enable respondents $652,351.70 against respondent Jeffries on the third-party claim, which Jeffries was required to pay to claimant directly.

Other Information

ARBITRATORS: Jonathan H. Krotinger, Mary Margaret Bush, Mary Kay Higgins Crockett