Wells Fargo Investments LLC v. Caio Dean Dunson
Published: Jun. 22, 2013 | Result Date: Mar. 19, 2013 | Filing Date: Jan. 1, 1900 |Case number: 10-02139 Arbitration – $991,728
Facts
Wells Fargo Investments LLC filed a complaint against Ciao Dunson in connection with two Promissory Notes executed by Dunson in 2005 and 2006. Wells Fargo alleged that Dunson was liable for $803,165 in principal damages plus interest and attorney fees and costs. The Notes became due and owing upon Dunson's termination in 2009. Dunson denied any liability and asserted a counterclaim against Wells Fargo for breach of contract, breach of covenant of good faith and fair dealing, intentional infliction of emotional distress, interference with prospective economic advantage and wrongful termination.
Damages
Wells Fargo sought the principal balance of nearly $20,000 owed under the 2005 Note plus interest and $783,407 under the 2006 Note plus interest. Dunson sought expungement of the balance, reimbursement of loss income in the amount of $3 million, reimbursement of bonus for approximately $2 million, attorney fees, punitive and exemplary damages for $5 million and an order directing Wells Fargo to amend his records to reflect that he was terminated "in error."
Result
The FINRA Panel found Dunson liable to Wells Fargo in the sum of $991,728, which included the principal on both Notes plus interest and attorney fees and costs.
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