In a Financial Industry Regulatory Authority ("FINRA") Arbitration Statement of Claim filed in June 2012, public customer Kiernan representing himself pro se alleged that Respondent Merrill Lynch had made an execution price error and breached its fiduciary duty in connection with an unspecified Facebook stock transaction. Claimant sought $217,800 in compensatory damages; $217,800.00 in punitive damages; $8,710 interest; $1,425 filing fees; and costs. In the Matter of the FINRA Arbitration Between Gregory Kiernan, Claimant, vs Merrill Lynch, Pierce, Fenner & Smith Inc., Respondent(FINRA Arbitration 12-02362, June 14, 2013 )
Respondent Merrill Lynch generally denied the allegations and asserted various affirmative defenses.
The FINRA Arbitration Panel found Respondent Merrill Lynch liable and ordered it to pay to Claimant $67,254.00 in compensatory damages plus interest at the rate of 9% per annum from May 18, 2012, until paid.
Bill Singer's Comment
Nothing spectacular to report here -- just letting you know about another Facebook dispute that has made its way into litigation and went all the way through a FINRA arbitration.
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