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    Ahmass Fakahany's Finra Award

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    DealBook
    This document summarizes an arbitration award from a FINRA dispute resolution involving claimant Ahmass Labib Fakahany against respondents Merrill Lynch and other entities. The panel found the respondents jointly and severally liable and awarded the claimant $1,200,000 in compensatory damages. Various fees were also assessed to the parties.

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    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd

    Ahmass Fakahany's Finra Award

    Uploaded by

    DealBook
    3K views7 pages
    This document summarizes an arbitration award from a FINRA dispute resolution involving claimant Ahmass Labib Fakahany against respondents Merrill Lynch and other entities. The panel found the respondents jointly and severally liable and awarded the claimant $1,200,000 in compensatory damages. Various fees were also assessed to the parties.

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    Ahmass Fakahany's Finra award

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    This document summarizes an arbitration award from a FINRA dispute resolution involving claimant Ahmass Labib Fakahany against respondents Merrill Lynch and other entities. The panel found the respondents jointly and severally liable and awarded the claimant $1,200,000 in compensatory damages. Various fees were also assessed to the parties.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    3K views7 pages

    Ahmass Fakahany's Finra Award

    Uploaded by

    DealBook
    This document summarizes an arbitration award from a FINRA dispute resolution involving claimant Ahmass Labib Fakahany against respondents Merrill Lynch and other entities. The panel found the respondents jointly and severally liable and awarded the claimant $1,200,000 in compensatory damages. Various fees were also assessed to the parties.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 7

    Award

    FINRA Dispute Resolution

    In the Matter of the Arbitration Between:

    Ahmass Labib Fal<ahany (Claimant) vs. Merrill Lynch & Co., Inc., Merrill Lynch Pierce
    Fenner & Smith, Inc., John A. Thain, Amnando M. Codina, John D. Finnegan, Joseph
    W. Prueher, Ann N. Reese, Bank of America Corporation, MER Merger Co., and Banc
    of America Securities, LLC (Respondents)

    Case Number: 08-04953 Hearino Site: New York, New York

    Nature of the Dispute: Associated Person v. Members, Non-Members, and Associated


    Persons.

    REPRESENTATION OF PARTIES

    Claimant Ahmass Labib Fakahany, hereinafter referred to as "Claimant": Eric Seller,


    Esq., and John Orsini, Esq., Friedman Kaplan Seller and Adelman, LLP, New York, NY.

    Respondents Merrill Lynch & Co., Inc. ("ML & Co."), Merrill Lynch Pierce Fenner &
    Smith. Inc. ("MLPF&S"), John A. Thain fThain"), Armando M. Codina ("Codina"), John
    D. Finnegan ("Finnegan"), Joseph W. Prueher ("Pmeher"), Ann N. Reese ("Reese"),
    Bank of America Corporation ("BoA Corp."), MER Merger Co. ("MER"), and Banc of
    America Securities, LLC ("BoA Securities"), hereinafter refen^ed to as "Respondents":
    Jay Kasner, Esq., Scott Musoff, Esq., and Bryan Levine, Esq., Skadden, Arps, Slate,
    Meagher & Flom, LLP, New Yori<, NY.

    CASE INFORMATION

    Statement of Claim filed on or about: December 23,2008.


    Claimant signed the Submission Agreement: December 10,2008.

    Joint Statement of Answer filed by Respondents on or about: March 3, 2009.


    ML & Co. did not sign the Submission Agreement.
    MLPF&S signed the Submission Agreement: March 2,2009.
    Thain signed the Submission Agreement: April 14, 2009.
    Codina signed the Submission Agreement: March 31, 2009.
    Finnegan signed the Submission Agreement: March 31,2009.
    Prueher signed the Submission Agreement: April 3, 2009.
    Reese signed the Submission Agreement: March 31, 2009.
    BoA Corp. signed the Submission Agreement: March 26,2009.
    MER signed the Submission Agreement: March 26, 2009.
    BoA Securities signed the Submission Agreement on March 26, 2009.

    CASE SUMMARY

    Claimant asserted the following causes of action: quantum meruit, unjust enrichment,
    FINRA Dispute Resolution
    Arbitration No. 08-04953
    Award Page 2 of 5

    and promissory estoppel.

    Unless specifically admitted in their Answer, Respondents denied the allegations made in
    the Statement of Claim and asserted various affinnative defenses.

    RELIEF REQUESTED

    In the Statement of Claim, Claimant requested compensatory damages in the amount of


    $70,000,000.00 plus costs and disbursements, attomey's fees, interest, and such other
    and further relief as the Panel deems just and proper.

    Respondents requested an award denying Claimant's claims in their entirety.

    OTHER ISSUES CONSIDERED AND DECIDED

    The Arbitrators acknowledge that they have each read the pleadings and other
    materials filed by the parties.

    Respondent ML & Co. did not file with FINRA Dispute Resolution a properiy executed
    Submission Agreement but, having answered the claim and appeared at the hearing, is
    bound by the detennination of the Panel on all issues submitted.

    The parties have agreed that the Award in this matter may be executed in counterpart
    copies or that a handwritten, signed award may be entered.

    AWARD

    After considering the pleadings, the testimony and evidence presented at the hearing,
    the Panel has decided in full and final resolution of the issues submitted for
    detennination as follows:

    1. Respondents are jointly and severally liable for and shall pay to Claimant
    compensatory damages in the amount of $1,200,000.00.

    2. Any and all relief not specifically addressed herein is denied.

    FEES

    Pursuant to the Code, the following fees are assessed:

    Filing Fees
    FINRA Dispute Resolution assessed a filing fee* for each claim:
    Initial claim filing fee = $1,800.00
    *Ttie filing fee is made up of a non-refundable and a refundable portion.
    FINRA Dispute Resolution
    Arbitration No. 08-04953
    Award Page 3 of 5

    Member Fees
    Member fees are assessed to each member firm that is a party in these proceedings or
    to the member firm that employed the associated person at the time of the event giving
    rise to the dispute. Accordingly, as parties, Merrill Lynch Pierce Fenner & Smith, Inc.
    and Banc of America Securities, LLC are assessed the following:

    Member surcharge = $ 3,750.00


    Pre-hearing process fee = $ 750.00
    Hearing process fee = $ 5,500.00

    Adjournment Fees
    Adjournments granted during these proceedings for which fees were assessed:

    April 26 - 29 and May 3-6, 2010 adjoumment by Claimant =$ 1,200.00


    December 7,2010 adjournment by Claimant =$ 1,200.00
    December 9. 2010 adiournment by Respondents =$ 1.200.00
    Total adjoumment fees =$ 3,600.00

    The Panel has assessed $3,600.00 of the adjournment fees jointly and severally to
    Respondents.

    Discovery -Related Motion Fees

    Fees apply for each decision rendered on a discovery-related motion.

    Two (2) Decisions on discovery-related motions on the papers


    With three (3) arbitrators @ $600.00 =$ 1,200.00
    Claimant submitted one discovery-related motion
    Respondent submitted one discovery-related motion
    Total Discovery-Related Motion Fees = $ 1,200.00
    The Panel has assessed $1,200.00 of the discovery-related motion fees jointly and
    severally to Respondents.

    Hearing Session Fees and Assessments


    The Panel has assessed hearing session fees for each session conducted. A session is
    any meeting between the parties and the arbitrators, including a pre-hearing conference
    with the arbitrators, that lasts four (4) hours or less. Fees associated with these
    proceedings are:

    Three (3) Pre-hearing sessions with Panel @ $1,200.00 = $ 3,600.00


    Pre-hearing conferences: June 2,2009 1 session
    June 8,2010 1 session
    August 5, 2010 1 session

    Sixteen (16) Hearing sessions @ $ 1,200.00 = $19,200.00


    Hearing Dates: November 8, 2010 2 sessions
    November 9, 2010 2 sessions
    November 10, 2010 1 session
    November 16, 2010 2 sessions
    FINRA Dispute Resolution
    Arbitration No. 08-04953
    Award Page 4 of 5

    November 17,2010 1 session


    November 18,2010 1 session
    December 8,2010 1 session
    December 10, 2010 1 session
    January 24, 2011 2 sessions
    January 25, 2011 2 sessions
    February 18.2011 1 session
    Total Hearing Session Fees = $22,800.00

    The Panel has assessed the $22,800.00 hearing session fees jointly and severally to
    Respondents.

    All balances are payable to FINRA Dispute Resolution and are due upon receipt.
    FINRA Dispute Resdutlon
    Art>ltraKDn No. 08-049S3
    ^ward Page S of S

    ARBTTRATKIN PANEL

    Alfrad H. tCingon Public Arbitrator. Presiding Chairperson


    Martin A. Edebtein Public Arbitrabr
    Thomas M. Amadio Non-Public Arbitrator

    I. the undersigned Arbitrator, do hereby airinm. pursuanttoArticle 7507 of the Civil


    Practice Law and Rules, that I am the individual described heiein and who executed this
    instrument which is my award.

    Cowcurrina Arfaitnitors' Stonaturas

    Alfred Signature
    Public Aitxtrator. Pre^ Chairperson

    Martin A. Edelstetn Signature Date


    Public Arbitrator

    Thomas M. Amadio Signature Dale


    Non-Public Arisitrator

    March 24, 2011


    Date of Seivice (For FINRA Dispute Resolution use only)
    FINRA Disputa Reteiulton
    ArMmiionNo. 0S-040Sa

    ABBfTBATiQNPANft
    AlfTKl H. KinQon PuWc Arbltritor, Prsilding Chairperson
    HartlfiA.Eda(itain PublioArMrator
    Thomas 1^. Amadto Non-PublleArl)ltrator
    I. tha undaraignfld ArfaKratDr, do haraby afflrm, pursuanttoArticle 7507 of the CMi
    Pradba Law and Rules, that I am the Indivldijal dsMrib^ herain and who oxooutod thb
    inalnimant which is my award.

    ConaufHaa AitiHraiora' Slonatur^B

    Alfrad H. KinQon Signalura Date


    PubNc ArfoKnMor. Praaldlns Chairperson

    A.SdaiiMn SigiMlUfa Data


    PuMie Arbitrator

    Thomas Amadio Signature Data


    Non-Public ArtRrator

    March 24. 2011

    Dato of Service (For FINRA Dispute Raaolution use only)


    FINRA OaputaRawlution
    Art>mation rto. oa4>49S3

    ARBITRATION PANEL

    Alfrad H. Kingon Public Arbitrator, Presiding Chairperaon


    Martin A Edelslein Public Ait>itrator
    Thomas M. Amadto Non-Public Art>itrator

    I. the undersigned Arblrator, do hereby affirm, pursuanttoArtida 7507 of the Civil


    Pracifoa Law and f^ulaa, thai I am the indrviduai dsacribed herein and who exacutad this
    instrument which is my awanl.

    Concurring Ariritiatora' Sionatufas

    Alfrad H. Kingon Signatore Date


    Public Art)itrator, Presiding Chairperson

    Martin A. Edalatoin Signatore Dato


    Public Aitftrator

    Thomas M. Amadto Signatore Date


    Non-Public Arbitrator

    March 24, 2011

    Date of Service (For FINRA Dispute Resolution use only)

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