Robert Stafford Sr., Cynthia Stafford, Robert Stafford Jr. v. Morgan Stanley Smith Barney
Published: Dec. 17, 2011 | Result Date: Nov. 16, 2011 | Filing Date: Jan. 1, 1900 |Case number: 10-02979 Arbitration – Denial
Facts
Robert Stafford Sr., Cynthia Stafford, Robert Stafford Jr. filed a complaint against Morgan Stanley Smith Barney relating to various investments in allegedly unsuitable securities, including variable rate annuities, international securities, and auction rate securities. Robert Stafford Sr. and Cynthia Stafford withdrew their claims with prejudice prior to the evidentiary hearing.
Damages
Claimant Robert Stafford Jr. sought $1.3 million in compensatory damages; $500,000 in punitive damages; disgorgement of brokerage fees and commissions; attorney fees and costs.
Injuries
The following causes of actions were asserted by claimants: sale of unsuitable annuities; allocation of lottery winnings to excessive accounts for the sole purpose of generating broker fees and commissions; sale of unsuitable investments; breach of fiduciary duty; and failure to supervise.
Result
The panel denied claimants' claims in their entirety and recommended expungement of non-parties' records.
Other Information
ARBITRATORS: Elliott Zachary Seff, Willard H. Altman Jr., Chuba B. Abaelu.
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