Recent Cases/Outcomes.

Estate of XXXX (Investor) vs. Broker/Dealer XXXX (Registered Rep. and Others) (2011)

The investor’s executor brought this action to recover attorney’s fees, cost and losses allegedly incurred after the investor purchased a variable annuity with a living benefit.  The major issue was whether the variable annuity was suitable for a 78 year-old man.  The investor had to go into a nursing home and questions of liquidity were raised.

JUDGMENT: All claims of the claimant were dismissed.  Additionally, the three Finra hearing officers required the investor’s estate to pay all the panel’s fees and expenses in the amount of $7,500. (Mr. Huggard acted as the expert witness for the registered representative).

XXXX (Investor) vs. Registered Rep. and Broker/Dealer XXXX (2011)

A 78 year-old widow (Investor) claimed that the sale of a variable annuity with a living benefit rider was unsuitable.  She alleged fraud, breach of fiduciary duty and other causes of action.  Investor sought $450,000 in damages.

JUDGMENT:  After a four day hearing, the Finra panel dismissed the Investor’s entire claim.  The Finra panel required the Investor to pay the Registered Rep’s attorney, expert fees and all costs of the hearing, which totaled $48,000.  Mr. Huggard acted as the expert witness for the registered representative.

Plaintiffs vs. Registered Rep. and Brokerage Firm (2012)

This case involves four investors who invested nearly one million dollars in a non-existent company created by a registered representative working for a major brokerage firm.  The suit is pending in Superior Court in Raleigh, North Carolina.  (12 CVS 5163).  An email of the specific details of this suit is available upon request.  Mr. Huggard represents the investors in this matter.