Facts

Ryan Romines filed suit against Joseph Gavigan, asserting causes of action for fraud, negligent misrepresentation, breach of the implied covenant of good faith and fair dealing, tortious interference, and defamation. The causes of action related to Romines' purchase of Gavigan's book of business following Gavigan's termination by Ameriprise Financial Servies.

Gavigan filed a counterclaim, asserting causes of action for breach of contract and defamation.

Damages

Although Romines had prayed for compensatory damages in the his original Statement of Claim, upon conclusion of the arbitration hearing, Romines sought that the Panel declare he owes Gavigan nothing further under their contract and that the Panel make an affirmative finding that the accounts purchased by Romines remain Romines' accounts to manage. On his counterclaim, Gavigan sought breach of contract damages of $278,000.

Result

The arbitration panel concluded that Gavigan would pay nothing to Romines and that Gavigan had no further interest in the fees and commissions generated in the accounts.

Other Information

ARBITRATORS: Reed H. Bement, William Ziering, Douglas J. Pavese.