Facts

Deborah Allan, Allan Limited Partnership, Allan Family Limited Partnership
Allan Limited Partnership FBO Children, B & B Irrevocable Trust UAD 3/21/99, Brent Allan and Deborah Allan JTWROS, Brent Allan IRA
Corey France Custodial, Deborah B. Allan IRA, and Lawrence R. Allan Custodial filed an arbitration claim against Allan Flader, Brian Flader, RBC Dain RauscherInc., UBS Financial Services Inc. in relation to unspecified securities in the claimants' UBS and RBC securities accounts.

CLAIMANT'S CONTENTIONS:
Claimants alleged unsuitability, negligence, and misrepresentation.

RESPONDENT'S CONTENTIONS:
Respondent denied the claims.

Damages

Claimants sought $887,668 in compensatory damages.

Result

Prior to the expungement hearing, the claimants and the Fladers and UBS Financial Services reached a settlement and the claims were dismissed. The arbitration panel decided to recommend expungement in relation to respondents Allan Flader's and Brian Flader's registration records, finding that the claimants were experienced investors, among other things. The panel also found that the claim, allegation, or information was both clearly erroneous and false. The claimants did not oppose the expungement requests and they did not appear at that hearing.