Edward Jone's Found Liable For Transfer Delay
A single Financial Industry Regulatory Authority (FINRA) arbitrator in Austin, Texas found Edward Jones liable and ordered them to pay the Claimant $24,920.98 in compensatory damages and $7,750 in attorneys’ fees. That is exactly 100% of what the Claimant had asked for.
The Statement of Claim in the case was filed in September 2010. It asserted various causes of action, including negligence, breach of fiduciary duty and breach of contract, among other things. Each and all of the causes of action were related to Edward Jones’ untimely delay in transferring the Claimant’s parents account holdings to her. The claim obviously alleged that the transfer delay resulted in market losses in the values of the accounts. Initially, the Claimant was seeking $22,410.64 in compensatory damages. However, the Claimant requested compensatory damages in the amount of $24,920.98 and attorneys’ fees in the amount of $7,750, at the close of the evidentiary hearing.
The hearing was originally scheduled to be held in Dallas, Texas but the parties mutually agreed to have the hearing in Austin, Texas during a pre-hearing conference in February 2011. Both sides agreed to share equally the travel and lodging costs of the arbitrator.
After the one day evidentiary hearing in September 2011, the sole FINRA arbitrator considered all of the oral and documentary evidence presented and concluded that Edward Jones was liable to the Claimant and ordered the firm to pay $24,920.98 in compensatory damages, plus $7,750 for attorneys’ fees. The forum fees for the arbitration were split between the sides, with $675 assessed to the Claimant and $1,125 assessed to the Respondent, Edward Jones. (FINRA# 10-04120; Mary Pihlak v. Edward Jones).