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Finra Ruling Against Will Ferrell and Others

Finra Ruling Against Will Ferrell and Others

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Published by DealBook
An arbitration panel of the Financial Industry Regulatory Authority ruled against the actor Will Ferrell and others in their claim against JPMorgan Chase.
An arbitration panel of the Financial Industry Regulatory Authority ruled against the actor Will Ferrell and others in their claim against JPMorgan Chase.

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Published by: DealBook on Nov 18, 2010
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11/20/2010

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Award
FiNRA
DisputeResolution
In the Matter of the
Arbitration
Between:Claimants
Case
Number: 08-02874
Matt
LichtenbergDavid Living
Trust
Will Ferreii
Viveca
PaulinRespondent Hearing Site: Los Angeles, California
J.P.
Morgan Securities LLC.f/k/a
J.P.
Morgan Securities, Inc.,f/k/a Bear, Stearns &
Co.
Inc.Counter-Claimant
J.P.
Morgan Securities LLC,f/k/a
J.P.
Morgan Securities, Inc.,f/k/a Bear, Stearns & Co. Inc.Counter-Respondents
Matt
LichtenbergDavid Living
Trust
Will Ferreii
Viveca
PaulinNature of Dispute: Customers vs. MemberMember
vs.
Customers
REPRESENTATION
OF
PARTIES
Claimants/Counter-Respondents,
Matt
Lichtenberg
("Lichtenberg"),
David Living
Trust
(the "David Trust"), Will Ferreii
("Ferreii")
and Viveca Paulin ("Paulin"), hereinaftercollectively
referred
to as "Claimants": H Thomas
Fehn,
Esq.
and Orly Davidi, Esq.,
Fields,
Fehn &
ShenA^in,
Los Angeles, Califomia.Respondent/Counter-Claimant,
J.P.
Morgan Securities
LLC,
f/k/a
J.P.
MorganSecurities, Inc.. f/k/a Bear, Stearns &
Co.
Inc., hereinafter
referred
to as "Respondent":
Paul
J.
Schumacher,
Esq.
and Scott E.
Rahn,
Esq.,
Greenberg Traurig,
LLP,
Santa
Monica,
California.
 
FINRA
Dispute Resolution
Arbitration
No. 08-02874Award
Paoe
2 of 8
CASE
INFORMATION
Statement of
Claim
filed
on or about: August 11. 2008First Amended Statement of
Claim
filed
on or about: January 23, 2009
Second
Amended Statement of
Claim
filed
on or about: June 9, 2009Claimant Lichtenberg signed the Submission Agreement: August 11, 2008Trustee Larry David signed the Submission Agreement on behalf of Claimant DavidTrust: January
22,
2009Claimant Ferreii signed the Submission Agreement: January 22, 2009Claimant Paulin signed the Submission Agreement: January 22, 2009Statement of Answer, Motion to
Dismiss,
and Counterclaim
filed
by Respondent on orabout: January 5. 2009Amended Statement of Answer. Motion to
Dismiss,
and Counterclaim
filed
byRespondent on or about: February 17,2009Respondent signed the Submission Agreement: January 5, 2009Answer to Counterclaim
filed
by Lichtenberg on or about: January 22. 2009Answer to Counterclaim
filed
by Ferreii and the David
Trust
on or about: January 29,2009.
CASE
SUMMARY
In the Statement of
Claim
dated August
11,
2008, Claimant Lichtenberg asserted
that
Respondent engaged in the unauthorized and unsuitable purchases of unspecified
preferred
securities in the accounts of two unnamed real parties in
interest.
Unless
specifically
admitted
in its Answer, Motion to
Dismiss,
and Counterclaim, datedJanuary 5. 2009, Respondent denied the allegations made in the Statement of Claimand asserted various
afflrmative
defenses.In its Counterclaim dated January 5, 2009, Respondent asserted a claim forindemnification against Claimant Lichtenberg.In his Answer to the Counterclaim dated January 22,2009, Claimant Lichtenbergdenied the allegations made in the Counterclaim.
 
FINRA
Dispute Resolution
Arbitration
No.
08-02874Award
Page
3 of
8
In
their
Answer to the Counterclaim dated January 29,2009, Claimants Ferreii and theDavid Trust denied the allegations made in the Counterclaim.In the First Amended Statement of
Claim
dated January
23,
2009 Will Ferreii, Viveca
Paulin,
and the David Living Trust were added as Claimants. Claimants asserted
that
Respondent engaged in unauthorized and unsuitable purchases of unspecifiedpreferred securities
with
regard to
their
respective accounts.
Unless
specifically
admitted
in its Amended Answer, Motion to Dismiss andCounterclaim dated February 17, 2009, Respondent denied the allegations made in theFirst Amended Statement of
Claim
and asserted various
affirmative
defenses.In its Amended Counterclaim dated February 17, 2009, Respondent asserted a claimfor indemnification against all Claimants.In the
Second
Amended Statement of
Claim
dated June 9,2009, Claimants asserted
that
Respondent made unauthorized purchases of unspecified preferred securities
with
regard to
their
respective accounts.
RELIEF
REQUESTED
In the Statement of
Claim,
Claimant Lichtenberg requested:1. That the purchase of the securities at issue in
this
case
be rescinded and
that
Respondent pay Ciaimant Lichtenberg the
full
purchase price of the securities inthe amount of approximately $18,000,000.00; and
2.
Interest
at money maricet rates
from
the date of the investments.In exchange. Claimant Lichtenberg would reconvey the securities to Respondent.In the Statement of Answer, Respondent requested:1. Dismissal of Claimant Lichtenberg's Statement of
Claim
in its
entirety
and
with
prejudice;
2.
Costs;
and
3.
Such other relief as provided by law.In the Counterclaim, Respondent requested
that
Claimant Lichtenberg indemnifyRespondent for any and all
liability
and damages detemnined against Respondent.In the First Amended Statement of
Claim,
Claimants requested:1. That the purchase of the securities at issue in
this
case
be rescinded and
that
Respondent pay Claimants the
full
purchase price of the securities in the amountof approximately $18,000,000.00; and
2.
Interest
at money market rates on the
full
amount
from
the date of theinvestments.In exchange. Claimants would reconvey the securities to Respondent.

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