Elderly Couple Awarded $520,283 from Merrill Lynch
An Atlanta, Georgia arbitration panel has determined that Merrill Lynch is liable to an elderly couple and ordered them to pay $520,283 in compensatory damages and interest. The Claimants had asserted various causes of action including breach of contract, breach of fiduciary duty and failure to adequately monitor the Claimant’s accounts in alleging losses of $640,633. The recovery by the Claimants was a whopping 81% of what they were seeking.
After the conclusion of the evidentiary hearing the panel decided that Merrill Lynch was liable and ordered them to pay the Claimants $442,794 in compensatory damages, plus $77, 489 in interest from November 6, 2008 until May 6, 2011. In addition to the compensatory damages and interest, the panel ordered Merrill to pay the entire $9,600 in forum fees for the arbitration. (FINRA# 09-07121; Estate of Robert C. Postell and Joan P. Postell v. Merrill Lynch, Pierce, Fenner & Smith, Inc.)