Vishin Wadhwani, Vinita Wadhwani v. Morgan Stanley & Co. LLC
Published: May 5, 2012 | Result Date: Apr. 4, 2012 | Filing Date: Jan. 1, 1900 |Case number: 11-03699 Arbitration – Dismissal
Facts
Vishin Wadhwani and Vinita Wadhwani filed suit against Morgan Stanley & Co. LLC relating to an unspecified unregistered security at issue. The Wadhwanis claimed causes of action for responsibility to supervise associated persons selling away, control person liability, respondeat superior, agency, state law control person, breach of fiduciary duty, fraud, and misrepresentation.
Damages
Claimants requested recission of their investment or compensatory damages of $150,000. They also requested consequential damages and punitive damages.
Result
The arbitrator found that the arbitration was barred by FINRA Code of Arbitration Procedure for Customer Disputes Rule 12206 because six years had elapsed from the occurrence or event giving rise to the claim.
Other Information
ARBITRATORS: Kirtley M. Thiesmeyer, Owen Frances, Michael R. Diliberto.
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