In addition to other damages, attorneys' fees, and interest, Claimant requested $134.6 million compensatory damages for all illiquid securities in its account, plus punitive damages of $403.8 million. At the close of the FINRA arbitration hearing, Claimant requested up to $91,235 million in compensatory damages. In the Matter of the FINRA Arbitration Between US Airways, Inc., Claimant, v. Roland Hansalik, Lars Jacobson, George Barclay Perry, and Joseph Arena, Respondents (FINRA Arbitration 09-06905, May 27, 2011).
SIDE BAR: Claimant initially filed a Statement of Claim on or about December 11, 2009. Thereafter, Claimant filed an Amended Statement of Claim on or about December 23, 2009 replacing the original Statement of Claim. The original Statement of Claim was not served on the Respondents and not considered by the Panel.
The claims appear to involve ARS purchases made when Respondents were registered with Lehman Brothers, but that is not stated in the FINRA Decision.
Respondents generally denied the allegations, asserted various affirmative defenses, and requested an expungement of the matter from their Central Registration Depository ("CRD") records.
The FINRA Arbitration Panel found Respondents Hansalik, Perry, and Arena jointly and severally liable and ordered them to pay to Claimant $15,000,000.00 in damages.
Claimant's claims against Jacobson are denied.
Respondents' requests for expungement are denied.