Daily Archives: October 28, 2010

McKennon Law Group PC Client Awarded $543,612.62 in Damages in Investment Loss Case - the First of its Kind in Hundreds of Pending Medical Capital Cases

Posted in: News, Securities/FINRA October 28, 2010

In what appears to be the first FINRA arbitration award of its kind in the pending Medical Capital cases, McKennonSchindler LLP client Eric Anderson was awarded $543,612.62 in damages (the full amount of his investment losses) for his massive losses caused by his financial advisor firm’s negligence and breach of fiduciary duties owed to Mr. Anderson.

Mr. Anderson looked forward to relaxing with his family and enjoying a well deserved retirement.  After years of hard work and saving, Mr. Anderson had accumulated a sizable retirement fund which he intended to live off of for the rest of his life.  These funds were entrusted with Cullum & Burks Securities, who managed both his finances and 401(k) retirement accounts.  A …

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Under ERISA , Procedural Deficiencies Not Considered When the Standard of Review is De Novo

Posted in: Abuse of Discretion, Case Updates, De Novo Review, Disability Insurance, Disability Insurance News, ERISA, Insurance Litigation Blog October 28, 2010

De Novo Review

Litigation pursuant to the Employee Retirement Income Security Act (“ERISA”) is rather unique.  Unlike most cases, ERISA disputes are based on a limited scope of permissible evidence.  The range of that scope is ultimately dependent on which standard of review is employed by the courts.  Typically, when the standard of review is abuse of discretion, the scope of admissible evidence is limited to what was before the claims administrator when the claims decision was made, i.e. the “administrative record.”  The reason for this limited subset of evidence is based on the sole question before the court, namely “Did the claim administrative abuse its discretion in rendering its decision?”  Obviously, evidence discovered or submitted after the claims decision was made would …

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