Arbitrators Dismiss Statement of Claim as Time Barred

Tuthill vs. Oppenheimer & Co.

TUTHILL v. OPPENHEIMER & CO., INC., NASD ID #99-02709, San Diego, 4/19/00)

A three-person Panel dismisses the claims of a Trustee on behalf of a pension plan on a pre-hearing motion from CIBC Opco. In its Answer, Respondent specifically requested that the Statement of Claim be “dismissed as ineligible under NASD Code of Arbitration Procedure Rule 10304 [six-year eligibility] or, in the alternative, be dismissed as barred by the statute of limitations pursuant to California Civil Code Section 338.”

The Panel evidently chose the alternative, denying all claims “pursuant to California Civil Code Section 338” on the basis of “the pleadings, the motion papers and the arguments of the parties.”

Unfortunately, the “Case Summary” section for this Award is bare-bones, offering no detail about the dates involved, the nature of the dispute or even the product in dispute. It merely imparts that “Claimant alleged unsuitable recommendations, negligent misrepresentation and breach of fiduciary duty.” (SAC Ref. No. 00-19-001)

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Securities Attorney at Sallah Astarita & Cox | 212-509-6544 | | Website | + posts

Mark Astarita is a nationally recognized securities attorney, who represents investors, financial professionals and firms in securities litigation, arbitration and regulatory matters, including SEC and FINRA investigations and enforcement proceedings.

He is a partner in the national securities law firm Sallah Astarita & Cox, LLC, and the founder of The Securities Law Home Page -, which was one of the first legal topic sites on the Internet. It went online in 1995 and is updated daily with news, commentary and securities law related links.