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CLAIMANT ALLEGES THAT EDWARD JONES VIOLATED ITS FIDUCIARY DUTIES BY (1) MISREPRESENTING AND FAILING TO DISCLOSE MATERIAL FACTS REGARDING THE LEHMAN BROS. BONDS CLAIMANTS PURCHASED IN 2004, (2) INVESTING THE MAJORITY OF CLAIMANT'S
RETIREMENT ASSETS IN LEHMAN BROTHERS BONDS, AND (3)FAILING TO MONITOR THE LEHMAN BROTHERS BONDS. CLAIMANT FURTHER ALLEGES THAT EDWARD JONES MADE MATERIAL MISREPRESENTATIONS AND/OR OMISSIONS REGARDING THE SAFETY AND SECURITY
OF THE LEHMAN BROTHERS BONDS. CLAIMANT ALLEGES THAT THE LEHMAN BROTHERS BONDS WERE UNSUITABLE GIVEN HIS AGE, FINANCIAL RESOURCES, AND INVESTMENT OBJECTIVES. CLAIMANT HAS ALLEGED THE FOLLOWING CAUSES OF ACTION: (1) BREACH OF FIDUCIARY DUTY; (2) COMMON LAW FRAUD; (3) CONSTRUCTIVE FRAUD; (4) NEGLIGENT MISREPRESENTATION; (5) BREACH OF CONTRACT; (6) NEGLIGENCE; (7) UNSUITABILITY; (8) FAILURE
TO SUPERVISE; (9) VIOLATION OF THE MISSISSIPPI SECURITIES ACT; AND (10) VIOLATION OF THE MISSISSIPPI CONSUMER PROTECTION LAW. CLAIMANT IS REQUESTING $115,000 IN COMPENSATORY DAMAGES, PLUS INTEREST, ATTORNEYS' FEES, COSTS, PUNITIVE DAMAGES, AND "OTHER RELIEF AS ALLOWED BY LAW OR IN EQUITY."
Damage Amount Requested
$115,000.00
Settlement Amount
$80,000.00
Broker Comment
SETTLED FOR $80,000 AND EDWARD JONES WILL RECEIVE OWNERSHIP OF THE LEHMAN BROTHERS NOTES HELD IN CLAIMANT'S EDWARD JONES ACCOUNT.
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Disclosures
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.
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.