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Arbitration Details

UBS FINANCIAL SERVICES INC NFA ID: 0001366

An NFA Arbitration claim is a futures or forex related dispute involving a customer and an NFA Member (or employee) or Associate. It is not a regulatory action.
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Case Summary
 Case No.FiledDecision DateProduct
 03ARB0015711/19/200304/05/2006Futures (Domestic Exchange)
Summary of Parties
 CustomersMembersRepresentatives
•  BUSTAN INTERNATIONAL PTY LTD.•  UBS FINANCIAL SERVICES INC• JOHN COTTON
• ANTHONY MAVRONICOLAS
Proceeding Details
 Panel TypeNumber of ArbitratorsProceeding TypeLocation (City, State)
 MEMBER3HEARINGNEW YORK, NY
Summary of Awards and Claims
 Type Claim Amount Counter Claim 3rd Party Claim Cross Claim
 
Compensatory
Punitive
Treble
Interest
Attorney Fees
Costs
 Claim Award
$3,800,000.00$0.00
$0.00$0.00
$0.00$0.00
NA$0.00
NA$0.00
NA$3,325.00
 Claim Award
$0.00$0.00
$0.00$0.00
$0.00$0.00
NA$0.00
NA$0.00
NA$0.00
 Claim Award
$0.00$0.00
$0.00$0.00
$0.00$0.00
NA$0.00
NA$0.00
NA$0.00
 Claim Award
$0.00$0.00
$0.00$0.00
$0.00$0.00
NA$0.00
NA$0.00
NA$0.00
Summary of Issues
The following issues were presented by the parties and decided by the undersigned Arbitrators: breach of fiduciary duty, unauthorized trading, failure to follow instructions, breach of contract, Claimant's request for costs and attorney's fees, and Respondent's request for costs and attorney's fees.

We, the arbitrators selected to hear and determine this matter, in accordance with the Code of Arbitration of National Futures Association, unanimously deny Bustan International Pty., Ltd's ("Bustan") claims against UBS PaineWebber ("UBS") and dismiss them with prejudice.

We also unanimously order UBS to remit $3325.00 to Bustan. This amount represents half of the total filing and hearing fees Bustan paid to file its claim. Each party shall bear all other costs and fees it incurred. All other relief requested is hereby denied.

 
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