US Bank Wins $110K from Former Broker in Note Case
Claimant: U.S. Bancorp Investments, Inc.
Respondent: Thomas Bradford Bennett
Nature of Dispute: Member vs. Associated Person
Overview of Allegations: U.S. Bank asserted breach of contract and unjust enrichment related to a Repayment Agreement executed by Bennett on June 26, 2014.
Damages Requested: U.S. Bank requested an award of $104,000, pre and post-judgment interest, attorneys’ fees and costs.
Bennett requested that his debt to U.S. Bank be forgiven.
Result: The arbitrator determined that Bennett is liable to pay U.S. Bank $104,000 in compensatory damages for breaching his contract, $6,000 for attorneys’ fees and pre-award interest at the rate of 10% per annum.