Bourdev v. JPMorgan Chase ⇒ $350,000 + revision of Form U-5 language

$350,000 on behalf of a registered representative/banker who was terminated from JPMorgan Chase. After a full evidentiary hearing, a FINRA arbitration panel awarded $350,000 in compensatory damages for defamation and/or wrongful termination and ordered that the language on her Form U-5 be changed to reflect that she did not engage in any wrongdoing and that the company conducted a deficient investigation.

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“Cary Lapidus is probably the most well prepared attorney with whom I have ever dealt. He has excellent judgment and understanding of the law. Most important of all, he is highly ethical and those who deal with him know that his word is his bond.“
Paul Dubow
Opposing Counsel & Mediator in Six Cases

In The News

ARROW MURDER CASE AGENT OWES $204,886
Daily Journal
December 27, 1990

In a footnote to the bizarre murder-for-hire charges against sports agent Michael Blatt, a state appeals court has affirmed a $204,886 arbitration award on behalf of one of Blatt's alleged targets, former professional football player John Farley.
The 3rd District Court of Appeal in Sacramento ruled Monday at Farley, a one-time running back with the Cincinnati Bengals, was entitled to recover out-of-pocket costs, plus interest and tax liability, attorneys fees and punitive damages under the terms of a management agreement with Blatt's attorney.
Blast, the former operator of Sun West Sports, was indicted for commissioning the murder of a real estate associate, Lawrence Carnegie, because of business differences, and for the attempted murder of Farley, allegedly over the arbitration dispute.
Two men who admitted to killing Carnegie testified they were first instructed by Blatt to murder Farley. When Farley could not be located, Blatt allegedly told him the men to concentrate on Carnegie, who was killed with arrow fired from a crossbow in February 1989.
On October 31, a jury in Oakland deadlocked 8-4 for Blatt's conviction on a conspiracy charge and the attempted murder of Farley, and 9-3 on a similar charge in the Carnegie slaying. Prosecutors said they will retry the case next month. Blatt remains in jail without bond.
The civil dispute in Blatt v. Farley, 90 Daily Journal D.A.R. 14637, involved in arbitration clause in a management contract Farley signed with Blatt in 1984.
Farley, a running back at Sacramento State University, was drafted by Cincinnati and signed to a one-year contract for approximately $100,000 for the 1984 season. As Farley's registered agent and investment advisor, Blatt placed his client in an $80,000 tax shelter that was 'totally unsuitable' to his financial situation, according to Farley's attorney, Cary S. Lapidus. 'It was clearly unsuitable because the average life of a professional football player is about three years' said Lapidus, a name partner in San Francisco's Lapidus and Reiff. 'There was no way Farley would need that kind of sophisticated tax shelter for five or six years.'
In fact, Farley played only one year with the Bengals before a crippling knee injury ended his career. As a result, he was unable to make additional payments to the shelter agreement and lost his contribution.
Farley filed an arbitration claim for $80,000 under the terms of his contract with the Blatt. The arbitrator uppe to the award to $204,886 to include more than $60,000 in lost interest, text liabilities and administrative expenses; $10,000 in punitive damages; and $49,000 in attorneys fees.
Blatt's attorney, Michael F Babitzke, argued that Farley's demand was for $80,000 with no provision in the agreement for tax liabilities or legal fees. He also argued that the arbitrator failed to deduct $50,000 Farley recovered from Prudential-Bache Securities, which marketed the tech shelter to investors.
The third district disagree. 'We may set aside the arbitrators construction of the contract only upon a finding that the arbitrator gave a completely irrational construction to the provisions in dispute,' wrote Justice Richard M. Simms III. The award which included fees and charges was clearly rational, Sims noted. Justices Roberts K. Puglia and Frances Newell Carr concurred.
Babitzke, a sole practitioner from Stockton, said he would like to appeal the ruling but Blatt would have to make the final decision.

Please contact us for assistance with securities arbitration law, securities litigation, broker misconduct, investment advisor misconduct and investment losses.



	Bourdev v. JPMorgan Chase ⇒ $350,000 + revision of Form U-5 language $350,000 on behalf of a registered representative/banker who was terminated from JPMorgan Chase. After a full evidentiary hearing, a FINRA arbitration panel awarded $350,000 in compensatory damages for defamation and/or wrongful termination and ordered that the language on her Form U-5 be changed to reflect that she did not engage in any wrongdoing and that the company conducted a deficient investigation. WCM, LLC v. Cooper ⇒ $1.56 million (plus attorneys fees and expenses) The Law Offices of Cary S. Lapidus obtained an award of $1.56 million on behalf of a registered investment advisory firm and two of its partners who retained Lapidus to recover money allegedly misappropriated by one of their partners. In addition to the $1.56 million monetary award, Lapidus' clients were awarded their attorneys' fees and expenses. The arbitrator also found that the firm's expulsion of the partner was "For Cause". Dozens of settlements and awards on behalf of clients Cary S. Lapidus has obtained dozens of settlements, awards and judgments on behalf of his clients since leaving the Securities and Exchange Commission, where he worked in the Enforcement and Market Regulation Divisions. Teller v. Denison ⇒ $1.3 million The Law Offices of Cary S. Lapidus obtained an arbitration award of $1.3 million, including in excess of $349,000 in attorneys' fees and costs on behalf of a client who alleged a breach of contract in connection with the private sale of securities. Pacific Stock Exchange v. Cox Securities, et. al. ⇒ $1.54 million The Law Offices of Cary S. Lapidus obtained an award of $1.54 million on behalf of the Pacific Stock Exchange who retained Lapidus as special counsel to prosecute the case. In addition to the monetary award, Lapidus obtained a Decision ordered the permanent bar of the Pacific Exchange member from membership with the Pacific Stock Exchange. Hall v. Morgan Stanley Dean Witter, et. al. ⇒ $1.76 million The Law Offices of Cary S. Lapidus obtained an arbitration award of $1.76 million for clients who sustained losses in a complex investment known as a Prepaid Variable Forward Contract. The clients also alleged the recommendation of unsuitable investments in their stock portfolio. Breiman v. Round Hill Securities, Inc. et. al. ⇒ $1.44 million The Law Offices of Cary S. Lapidus obtained an arbitration award of $1.44 million on behalf of clients who alleged fraud, breach of fiduciary duty and misrepresentations in connection with their securities portfolio. Coutant v. Morgan Stanley Dean Witter, et. al. ⇒ $1.01 million The Law Offices of Cary S. Lapidus obtained an arbitration award of $1.01 million on behalf of clients who alleged that their securities brokerage firm failed to diversity their account, placed them in unsuitable investments and misrepresented the risks of options trading. Levinthal v. First Republic Securities Company, LLC ⇒ $2.17 million The Law Offices of Cary S. Lapidus recovered $2.17 million for clients who sustained losses in a complex municipal arbitrage bond fund. The clients alleged that the fund was unsuitable for them and that the firm that recommended and sold the investment had failed to perform proper due diligence. The award is notable for awarding the full amount of the clients' damages, including out-of-pocket losses and arbitration expenses. Smurzynski v. Kensington Wells, Inc., et. al. ⇒ $1.84 million (including $1 million in punitive damages and interest) The Law Offices of Cary S. Lapidus obtained an arbitration award of $1.84 million including $1 million in punitive damages and interest for clients who alleged that the stocks they invested in were manipulated and that material facts were misrepresented to them.
site navigation Attorney Profile Practice Areas Case Results Reviews In The News Contact Info Home Page “Cary Lapidus is probably the most well prepared attorney with whom I have ever dealt. He has excellent judgment and understanding of the law. Most important of all, he is highly ethical and those who deal with him know that his word is his bond.“ Paul Dubow Opposing Counsel & Mediator in Six Cases		In The News ARROW MURDER CASE AGENT OWES $204,886 Daily Journal December 27, 1990 In a footnote to the bizarre murder-for-hire charges against sports agent Michael Blatt, a state appeals court has affirmed a $204,886 arbitration award on behalf of one of Blatt's alleged targets, former professional football player John Farley. The 3rd District Court of Appeal in Sacramento ruled Monday at Farley, a one-time running back with the Cincinnati Bengals, was entitled to recover out-of-pocket costs, plus interest and tax liability, attorneys fees and punitive damages under the terms of a management agreement with Blatt's attorney. Blast, the former operator of Sun West Sports, was indicted for commissioning the murder of a real estate associate, Lawrence Carnegie, because of business differences, and for the attempted murder of Farley, allegedly over the arbitration dispute. Two men who admitted to killing Carnegie testified they were first instructed by Blatt to murder Farley. When Farley could not be located, Blatt allegedly told him the men to concentrate on Carnegie, who was killed with arrow fired from a crossbow in February 1989. On October 31, a jury in Oakland deadlocked 8-4 for Blatt's conviction on a conspiracy charge and the attempted murder of Farley, and 9-3 on a similar charge in the Carnegie slaying. Prosecutors said they will retry the case next month. Blatt remains in jail without bond. The civil dispute in Blatt v. Farley, 90 Daily Journal D.A.R. 14637, involved in arbitration clause in a management contract Farley signed with Blatt in 1984. Farley, a running back at Sacramento State University, was drafted by Cincinnati and signed to a one-year contract for approximately $100,000 for the 1984 season. As Farley's registered agent and investment advisor, Blatt placed his client in an $80,000 tax shelter that was 'totally unsuitable' to his financial situation, according to Farley's attorney, Cary S. Lapidus. 'It was clearly unsuitable because the average life of a professional football player is about three years' said Lapidus, a name partner in San Francisco's Lapidus and Reiff. 'There was no way Farley would need that kind of sophisticated tax shelter for five or six years.' In fact, Farley played only one year with the Bengals before a crippling knee injury ended his career. As a result, he was unable to make additional payments to the shelter agreement and lost his contribution. Farley filed an arbitration claim for $80,000 under the terms of his contract with the Blatt. The arbitrator uppe to the award to $204,886 to include more than $60,000 in lost interest, text liabilities and administrative expenses; $10,000 in punitive damages; and $49,000 in attorneys fees. Blatt's attorney, Michael F Babitzke, argued that Farley's demand was for $80,000 with no provision in the agreement for tax liabilities or legal fees. He also argued that the arbitrator failed to deduct $50,000 Farley recovered from Prudential-Bache Securities, which marketed the tech shelter to investors. The third district disagree. 'We may set aside the arbitrators construction of the contract only upon a finding that the arbitrator gave a completely irrational construction to the provisions in dispute,' wrote Justice Richard M. Simms III. The award which included fees and charges was clearly rational, Sims noted. Justices Roberts K. Puglia and Frances Newell Carr concurred. Babitzke, a sole practitioner from Stockton, said he would like to appeal the ruling but Blatt would have to make the final decision. Please contact us for assistance with securities arbitration law, securities litigation, broker misconduct, investment advisor misconduct and investment losses.
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