After a weeklong binding arbitration hearing under Financial Industry Regulatory Authority (“FINRA”) procedures, Bill Fitzharris, an Of Counsel attorney with Preg O’Donnell & Gillett, with assistance from Associate Amber Gundlach, won a hard-fought dismissal of all claims made against their clients, an investment advisory firm and several individual members of the firm who were also named in the claim.
Claimants alleged the defendants recommended unsuitable investments over several years, including investments in various private placements, REITs, and proprietary hedge funds. Claimants also alleged claims of breach of fiduciary duty, misrepresentation, breach of contract, breach of implied covenant of good faith and fair dealing, fraud, negligence, and negligent misrepresentation. Claimants sought $1,135,070 in compensatory damages, rescission of investments, additional consequential damages, including damages for lost investment opportunities, pre and post judgment interest, punitive damages, and attorneys’ fees, together totaling more than $2 million. Respondents denied all allegations and sought to have all claims against them dismissed with no award to Claimants. The three member arbitration panel found in favor of POG’s clients on all counts, dismissing every one of the claims.