Merrill Lynch, Pierce, Fenner & Smith Inc. v. Jolie Ann Bales, Kim Tracy Nordmo
Published: Apr. 14, 2012 | Result Date: Mar. 16, 2012 | Filing Date: Jan. 1, 1900 |Case number: 09-06280 Arbitration – Denial
Facts
Claimants Merrill Lynch, Pierce, Fenner & Smith Inc. entered into arbitration against respondents Jolie Bales and Kim Nordmo, relating to two promissory notes executed by Bales and Nordmo. Merrill Lynch asserted causes of action for breach of contract and unjust enrichment against both respondents.
Bales and Nordmo both initiated counterclaims related to their employment with Merrill Lynch. They asserted causes of action for fraud and deceit, negligent misrepresentation, constructive fraud, intentional interference with contract relations and prospective economic advantage, negligent interference with prospective economic advantage, constructive discharge, breach of contract, and breach of implied covenant of good faith and fair dealing.
In an amended statement of claim, claimants removed Nordmo as a named respondent and proceeded only with the cause of action related to Bales.
Damages
Claimants requested Bales's principal of $697,056.93 and interest of $100.26 per day for each day from August 7, 2009 through the date the loan was fully repaid. Claimant's requested Nordmo's principal of $911,960.67 and interest of $118.68 per day for each day from August 7,2 009 through the date the loan was fully repaid. In their counterclaim, Bales and Nordmo each requested compensatory damages in an amount believed to exceed $3,000,000.
Result
Both Merrill Lynch's claims and Bales's counterclaims were denied in their entirety. Bales's promissory note was cancelled.
Other Information
ARBITRATORS: Michael J. Fish, Michelle J. Brant, William A. Husa.
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