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PLAINTIFF DEPOSITED $8.3 MILLION IN 2 DISCRETIONARY AGENCY ACCOUNTS AT FIRST UNION NATIONAL BANK TO BE MANAGED AND INVESTED BY THE TRUST DEPARTMENT IN JANUARY 1998. CLIENT WITHDREW OVER $4 MILLION AND INVESTED IN VENTURE CAPITAL AND START UP INTERNET COMPANIES BETWEEN 1998 AND MAY 2002. CLIENT'S ACCOUNT DECREASED FROM $7 MILLION TO $3 AND $4 MILLION (INCLUDING CLIENTS WITHDRAWALS). PLAINTIFF FILED COMPLAINT IN CHARLESTON COUNTY, SC ALLEGING BREACH OF CONTRACT AND FRAUD IN JUNE 2003.
Damage Amount Requested
$3,500,000.00
Settlement Amount
$900,000.00
Broker Comment
THE PLAINTIFF SERVED FIRST UNION BANK AS WELL AS FOUR OTHER INDIVIDUAL DEFENDENTS. ALL DEFENDETS DENY ANY WRONG DOING AND CASE WAS SETTLED OUT OF COURT FOR A CONFIDENTIAL SETTLEMENT.
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.
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Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.