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Securities
Breach of Fiduciary Duty
Negligence

John C. Porter, Successor Trustee of the Robert O. and Mary H. Porter Family Trust v. Laheeb Zouhair Karana and Wells Fargo Advisors LLC

Published: Oct. 24, 2015 | Result Date: Aug. 17, 2015 | Filing Date: Jan. 1, 1900 |

Case number: 14-03382 Arbitration –  Expungement

Court

FINRA


Attorneys

Claimant

Robert A. Prahl


Respondent

Judy Louie
(Wells Fargo Advisors LLC)


Facts

John Porter, Successor Trustee of the Robert O. and Mary H. Porter Family Trust, filed a complaint against Laheeb Karana and Wells Fargo Advisors LLC, in connection with the handling of claimant's trust account.

Contentions

CLAIMANT'S CONTENTIONS:
Claimant asserted causes of action for breach of fiduciary duty, failure to supervise, and negligence.

RESPONDENTS' CONTENTIONS:
Respondents requested a dismissal and the expungement of Karana's CRD records.

Result

Claimant dismissed claims with prejudice after answer was filed. The arbitrator found Porter's claims factually impossible, false, or clearly erroneous. Karana then required expungement of her CRD records.

Other Information

FILING DATE: Nov. 4, 2014


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