B-D Wilbanks Securities Ordered to Pay Client $1 Mln
Grace S. Huitt
Wilbanks Securities Inc.
Case Summary: Claimant asserted the following causes of action in the Statements of Claim: common law fraud, breach of contract, negligent supervision, breach of fiduciary duty, and violation of the Colorado Securities Act. The causes of action relate to Claimant’s investment in an ING Landmark Variable Annuity.
Respondent denied the allegations made in the Statements of Claim and asserted various affirmative defenses. In its Counterclaim, Respondent asserted that Claimant filed ineligible and time-barred causes of action which, it alleged, is an abuse of process.
Relief Requested: At close of hearing, Claimant requested compensatory damages in the amount of $882,612.21, punitive damages of $1,765,224 and attorneys’ fees in the amount of $50,000.
Result: Wilbanks Securities is ordered o pay claimant $1,073,440, including $536,720 in compensatory damages and $536,720 in punitive damages. Respondent’s counterclaim is denied.