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IN RE ARBITRATION BETWEEN SKINNER

United States District Court, N.D. California


January 22, 2004.

In the Matter of the Arbitration between Lemoine Skinner III, Petitioner, And Donaldson, Lufkin & Jenrette Securities Corporation, Respondent

The opinion of the court was delivered by: VAUGHN WALKER, District Judge

JUDGMENT

Petitioner Lemoine Skinner III's ("Petitioner") First Amended Petition to Vacate Arbitration Award and Cross-Petitioner Donaldson, Lufkin & Jenrette Securities Corporation's ("DLJ") Petition for an Order Confirming Arbitration Award and for Entry of Judgment came on for hearing before the Court on October 23, 2003. Having fully considered the evidence presented, duly heard the issues and arguments, and duly rendered a decision,

  IT IS ORDERED, ADJUDGED AND DECREED that Judgment is hereby entered in favor of Respondent and Cross-Petitioner DLJ and Respondent Credit Suisse First Boston LLC (formerly known as Credit Suisse First Boston Corporation) (collectively "Respondents") and against Petitioner Lemoine Skinner III ("Petitioner"), as follows: Page 2

  1. The arbitrators' Award issued on March 11, 2003 by the National Association of Securities Dealers Dispute Resolution, Inc. (the "Arbitration Award") in the arbitration entitled Lemoine Skinner III v. Donaldson, Lufkin & Jenrette Securities Corp., NASD Arbitration No. 01-05583, is confirmed. A copy of the Arbitration Award, which is incorporated in this Judgment, is attached hereto as Exhibit 1. As provided in the Arbitration Award, all claims, including for punitive damages, made by Petitioner Lemoine Skinner III against Respondents are dismissed with prejudice.

  2. As prevailing parties, Respondents shall be entitled to recover from Petitioner their costs of suit in accordance with Federal Rules of Civil Procedure Rule 54 and any other applicable law.

  IT IS SO ADJUDGED.

  EXHIBIT 1

 

Award NASD Dispute Resolution
In the Matter of the Arbitration Between: Lemoine Skinner, III, Claimant v. Donaldson, Lufkin & Jenrette Securities Corporation, Respondent

 Case Number: 01-05583 Hearing Site: San Francisco, California

  REPRESENTATION OF PARTIES

 

For Claimant: Timothy A. Canning, Esq. Richard Sacks Novaro, California
For Respondent: Michael J. Lawson, Esq. Steefel Levitt & Weiss San Francisco, California
  CASE INFORMATION

  Statement of Claim filed on or about: October 19, 2001

  First Amendment to Statement of Claim filed OB or about: November 5, 2001

  Claimant's Uniform Submission Agreement signed: November 1, 2001:

  Statement of Answer filed by Respondent Donaldson, Lufkin & Jenrette Securities Corporation ("DLJ"), on or about: February 1, 2002

  Respondent's Arbitration Brief filed on or about February 21, 2003

  Respondent DLJ's Uniform Submission Agreement signed: February 20, 2002

  CASE SUMMARY

  Claimant alleged the following Claims with respect to investments in various securities: 1) Negligence; 2) Breach of Fiduciary Duty; 3) Misrepresentations/Non-Disclosures; 4) Omission of Facts; and 5) Suitability.

  Respondent denied Claimant's allegations of wrongdoing and denied any liability to Claimant. Respondent also asserted affirmative defenses.

 NASD Dispute Resolution Arbitration No. 01-05583 Award Page 3 of 5

 Filing Fees

  NASD-DR received or will collect the non-refundable filing fees for each claim as follows:

Initial claim filing fee = $600.00
Member Fees

  Member fees are assessed to each member firm that is a party in these proceedings or to the member firm(s) that employed the associated person(s) at the time of the event(s) giving rise to the dispute. Accordingly, DLJ, is a party and the following fees are assessed:

Member Surcharge = $3,600.00 Pre-Hearing Process Fee = $ 600.00 Hearing Process Fee = $5,000.00 Total Member Fees = $9,200.00
Forum Fees and Assessments

  The Panel assessed a forum fee for each pre-hearing conference or hearing session conducted. A pre-hearing conference and hearing session is any meeting between the parties and the Chair/Panel. The following fees are assessed:

(4) Pre-hearing conference sessions with the Panel @ $1,200,00/session = $4,800.00
 
Pre-hearing conferences: May 28, 2002 1 session November 25, 2002 1 session December 10, 2002 1 session January 27, 2003 1 session
(7) Hearing sessions @ $ 1,200,00/session = $8,400.00

 Hearing: February 24, 2003 2 sessions February 25, 2003 2 sessions February 26, 2003 3 sessions ___________________________________________________________________________ Total Forum Fees = $13,200.00

  The Panel assessed $ 6,600.00 in forum fees to Claimant, Skinner.

  The Panel assessed $6,600.00 in forum fees to Respondent, DLJ.

 NASD Dispute Resolution Arbitration No. 01-05583 Award Page 4 of 5

 Administrative Costs

  Administrative costs are expenses incurred because a party requested additional services beyond the normal administrative services. These additional services include, but are not limited to, additional copies of arbitrator awards, copies of audio transcripts, retrieval of documents from archives, interpreters, security, and other requests.

  The parties did not incur administrative costs.

  Fee Summary

  1. Claimant is charged with the following fees and costs:

Initial Filing Fee = $ 600.00 Forum Fees = $ 6,600.00 Administrative Costs = $ 0.00 Total Fees = $ 7,200.00 Less Payments = $(1,800,00) Balance Due NASD-DR = $ 5,400.00
2. Respondent, DLJ, is charged with the following fees and costs:
Member Fees = $ 9,200.00 Forum Fees = $ 6,600.00 Administrative Costs = $0.00 Total Fees = $15,800.00 Less Payments = $(9,200.00) Balance Due NASD-DR = $6,600.00
  All balance are payable to NASD Dispute Resolution and are payable upon the receipt of the Award pursuant to Rule 10330(g) of the Code.

 NASD Dispute Resolution Arbitration No. 01-05583 Award Page 5 of 5

  ARBITRATION PANEL

 

Ferdinand Schoch — Public Arbitrator, Presiding Chair Paul D. Guttierrez, Esq. — Public Arbitrator Bradley C. Mitchell — Non-Public Arbitrator
Concurring Arbitrators' Signatures
_____________________________ __________________ Ferdinand Schoch Signature Date Chair, Public Arbitrator
_____________________________ __________________ Paul D. Gutierrez, Esq. Signature Date Public Arbitrator
_____________________________ __________________ Bradley C. Mitchell Signature Date Non-Public Arbitrator
3/11/03 Date of Service
NASD Dispute Resolution Arbitration No. 01-05583 Award Page 5 of 5

  ARBITRATION PANEL

 

Ferdinand Schoch — Public Arbitrator, Presiding Chair Paul D. Guttierrez, Esq. — Public Arbitrator Bradley C. Mitchell — Non-Public Arbitrator
Concurring Arbitrators' Signatures
_____________________________ __________________ Ferdinand Schoch Signature Date Chair, Public Arbitrator
_____________________________ __________________ Paul D. Gutierrez, Esq. Signature Date Public Arbitrator
_____________________________ __________________ Bradley C. Mitchell Signature Date Non-Public Arbitrator
3/11/03 Date of Service
NASD Dispute Resolution Arbitration No. 01-05583 Award Page 5 of 5

  ARBITRATION PANEL

 

Ferdinand Schoch — Public Arbitrator, Presiding Chair Paul D. Guttierrez, Esq. — Public Arbitrator Bradley C. Mitchell — Non-Public Arbitrator
Concurring Arbitrators' Signatures
_____________________________ __________________ Ferdinand Schoch Signature Date Chair, Public Arbitrator
_____________________________ __________________ Paul D. Gutierrez, Esq. Signature Date Public Arbitrator
_____________________________ __________________ Bradley C. Mitchell Signature Date Non-Public Arbitrator
3/11/03 Date of Service
NASD Dispute Resolution Arbitration No. 01-05583 Award Page 5 of 5

  ARBITRATION PANEL

20040122

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