Heinrich Hardt, Araceli Hardt, Hardt Family Trust dated June 8, 1978, Hardt Family Trust dated February 22, 2008 v. LPL Financial LLC, Orchard Securities LLC, Meridian Capital Partners LLC
Published: Mar. 10, 2012 | Result Date: Feb. 10, 2012 | Filing Date: Jan. 1, 1900 |Case number: 11-00347 Arbitration – $1,367,000
Court
FINRA
Attorneys
Claimant
Brian D. Miller
(Miller & Milove)
Respondent
Nathan W. Lamb
(Ulmer & Berne LLP)
David J. Freniere
(Markun, Zusman, Freniere & Compton LLP)
David S. Markun
(Markun, Zusman, Freniere & Compton LLP)
Facts
Claimants filed suit against respondents for federal securities fraud, breach of fiduciary duty, fraud and deceit, California securities fraud, unfair sales practice, negligence, elder abuse, and declaratory relief. The claims related to the purchase by the claimants of two separate tenant-in-common interests in real estate projects sponsored by Direct Invest.
Damages
Claimants requested compensatory damages and/or relief from mortgage liability in an amount exceeding $8 million, a declaration that respondents would indemnify claimants from liability, punitive damages, and attorney fees.
Result
Meridian Capital Partners and Orchard Securities, LLC settled for a confidential amount. The arbitrators found respondent LPL Financial LLC to be liable and ordered it to pay $1,367,000.
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