AWARDFINRADisputeResolution
IntheMatteroftheArbitrationBetween:NameofClaimantMorganKeegan
&
Company,Inc.vs.CaseNumber:
10·02638
HearingSite:Dallas,TexasNameofRespondentMichaelDouglasVenable
NATUREOFTHEDISPUTE
Member
VS.
AssociatedPerson
REPRESENTATIONOFPARTIES
MorganKeegan
&
Company,Inc.("Claimant")wasrepresentedby
Will
S.Montgomery,Esq.andWilliamM.Schmitt,Esq.,JacksonWalker,LLP,Dallas,Texas.MichaelDouglasVenable("Respondent")wasrepresentedbyCodyL.Towns,Esq.,CoxSmithMatthews,Incorporated,Dallas,Texas.
CASEINFORMATION
TheStatementofClaimwasfiledonoraboutJune3,
2010.
TheSubmissionAgreementofClaimant,MorganKeegan
&
Company,Inc.,wassignedonoraboutMay26,2010.TheStatementofAnswerwasfiledbyRespondent,MichaelDouglasVenable,onoraboutSeptember7,
2010.
TheSubmissionAgreementofRespondent,MichaelDouglasVenable,wassignedonoraboutAugust3,
2010.
CASESUMMARY
Claimantassertedthefollowingcausesofaction:breachofcontractandunpaidbalanceonasettlement.ThecausesofactionrelatedtoafailuretorepayapromissorynoteandalsotorecovertheamountClaimantpaidtosettleacustomercomplaintconcerningRespondent'sfailuretofollowclientinstructions.UnlessspecificallyadmittedinhisAnswer,RespondentdeniedtheallegationsmadeintheStatementofClaimandassertedaffirmativedefenses.
FINRADisputeResolutionArbitrationNo.10'()2638AwardPage2of5
RELIEFREqUESTED
Claimantrequestedanawardintheamountof:Actual/CompensatoryDamagesActual/CompensatoryDamagesInterestAttorneys'FeesOtherCostsOtherMonetaryRelief$245,645.20
$
30,015.80UnspecifiedUnspecifiedUnspecifiedUnspecifiedAtthehearing,ClaimantrequestedthatthereliefrequestedforClaim#2(theunpaidbalanceonthePOllardsettlement)bechangedfrom$30,015.80to$30,100.00Respondentrequestedthattheclaimsassertedagainsthimbedeniedintheirentiretyandthathebeawardedhiscostsandattorneys'fees.
OTHERISSUESCONSIDERED&DECIDED
TheArbitratorsacknowledgethattheyhaveeachreadthepleadingsandothermaterialsfiledbytheparties.ThepartieshaveagreedthattheAwardinthismattermaybeexecutedincounterpartcopiesorthatahandwritten,signedAwardmaybeentered.
AWARD
Afterconsideringthepleadings,thetestimony,andtheevidencepresentedatthehearing,thePanelhasdecidedinfullandfinalresolutionoftheissuessubmittedfordeterminationasfollows:1.)Respondent,MichaelDouglasVenable,isliableforandshallpaytoClaimant,MorganKeegan&Company,Inc.,thesumof$245,645.20incompensatorydamages;2.)Respondent,MichaelDouglasVenable,isliableforandshallpaytoClaimant,MorganKeegan&Company,Inc.,interestontheabove-statedsumattherateof10%perannumfromandincludingApril16,2010throughandincludingthedatetheAwardispaidinfull;3.)Respondent,MichaelDouglasVenable,isliableforandshallpaytoClaimant,MorganKeegan&Company,Inc.,thesumof$30,100.00incompensatorydamages;
FINRADisputeResolutionArbitrationNo.10-02638AwardPage3
or
5
4.)Respondent,MichaelDouglasVenable,isliableforandshallpaytoClaimant,MorganKeegan
&
Company,Inc.,interestonthesumstatedin#3aboveattherateof6%perannumfromandincludingthedatetheAwardisservedthroughandincludingthedatetheAwardispaidinfull;5.)Respondent,MichaelDouglasVenable,isliableforandshallpaytoClaimant,MorganKeegan
&
Company,Inc.,thesumof$10,000.00inattorneys'feespursuanttoTexasStateStatuteandthetermsoftheNote;6.)Inaddition,ifitisnecessarythatClaimantinstituteindistrictcourtasuittocollectawardandprevails,ClaimantshallrecoverfromRespondentanadditional$5,000.00inreasonableandnecessaryattorneys'fees;ifacourtofappealsproceedingincursandclaimantprevails,itshallrecoveranadditional$5,000.00inreasonableandnecessaryattorneys'fees;ifaproceedingincursintheTexasSupremeCourttorecoverthisawardandClaimantprevails,itshallrecoverfromRespondentanadditional$5,000.00inreasonableandnecessaryattorneys'fees;7.)OtherthanForumFeeswhicharespecifiedbelow,thepartiesshalleachbeartheirowncostsandexpensesincurredinthismatter;and8.)Anyreliefnotspecificallyenumeratedisherebydeniedwithprejudice.PursuanttotheCode,thefollowingfeesareassessed:
FilingFees
FINRADisputeResolutionwillretainthenon-refundablefilingfee*foreachclaim:InitialClaimfilingfee=$2,125.00
*Thefilingfeeismadeupof
a
non-refundableand
a
refundableportion.
MemberFees
Memberfeesareassessedtoeachmemberfirmthatisapartyintheseproceedingsortothememberfirmthatemployedtheassociatedpersonatthetimeoftheeventsgivingrisetothedispute.Accordingly,asaparty,MorganKeegan
&
Company,Inc.isassessedthefollowing:
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