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Arbitration Details

UNIVERSAL COMMODITY CORPORATION NFA ID: 0244735

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.
NFA only discloses information concerning arbitration cases that have been decided by an arbitration panel. NFA does not release the names of parties who have settled their parts in the cases. Furthermore, NFA does not report or release information on cases that closed before January 1, 1990, cases that are still pending, or cases that were settled, withdrawn or rejected. Therefore, the number of NFA Arbitration Decisions reflects the total number of claims filed in NFA Arbitration that were decided by an arbitration panel. These decisions may have been decided in favor of the Claimant or Respondent.
Effective January 1, 2000, NFA discloses the names of persons who represent parties in NFA customer arbitration proceedings if the matters were decided by an arbitration panel. As of the same date, customers may no longer ask NFA to keep their identities confidential.

Case Summary
 Case No.FiledDecision DateProduct
 95ARB0018510/11/199510/23/1996Options (Domestic Exchange)
Summary of Parties
 CustomersMembersRepresentatives
• BARBARA A MCGINN
• LYLE P. MCGINN
• JEFFREY LAWRENCE BURSTEEN
•  FIRST AMERICAN DISCOUNT CORPORATION
• ANDREW N STERN
•  UNIVERSAL COMMODITY CORPORATION
• ALAN BLOCK
• HOWARD STEIN
Proceeding Details
 Panel TypeNumber of ArbitratorsProceeding TypeLocation (City, State)
 NON-MEMBER3HEARINGCHICAGO, IL
Summary of Awards and Claims
 Type Claim Amount Counter Claim 3rd Party Claim Cross Claim
 
Compensatory
Punitive
Treble
Interest
Attorney Fees
Costs
 Claim Award
$39,710.00$34,998.40
$100,000.00$0.00
$0.00$0.00
NA$4,606.95
NA$0.00
NA$2,347.10
 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
NEGLIGENCE, FRAUD, ILLINOIS CONSUMER FRAUD AND DECEPTIVE BUSINESS PRACTICES ACT, PUNITIVE DAMAGES, RATIFICATION, FAILURE TO MITIGATE, CLAIMANTS' MISREPRESENTATIONS, NON-DISCRETIONARY ACCOUNT, CLAIMANT UNDERSTOOD RISKS, NO COGNIZABLE CLAIM FOR SUITABILITY, NO COGNIZABLE CLAIMS AGAINST FIRST AMERICAN DISCOUNT CORPORATION, NO CLAIMS AGAINST ANDREW STERN, COMPARATIVE NEGLIGENCE (COUNT 1) AND NO MISREPRESENTATIONS.

CUSTOMERS' CLAIM AGAINST FIRST AMERICAN DISCOUNT CORPORATION IS DENIED IN ITS ENTIRETY. UNIVERSAL COMMODITY CORPORATION, JEFFREY BURSTEEN AND ANDREW STERN ARE JOINTLY AND SEVERALLY LIABLE FOR THE ENTIRE AWARD OF $41,952.45.

PRE-JUDGMENT INTEREST WAS CALCULATED ON $34,998.40 USING A SIMPLE INTEREST RATE OF 7% PER ANNUM FROM NOVEMBER 28, 1994 UNTIL OCTOBER 15, 1996. EACH PARTY SHALL BEAR ITS OWN ATTORNEY'S FEES AND COSTS EXCEPT AS PROVIDED FOR ABOVE.

 
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