Liddle & Robinson Attorneys at Law New York City

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Deborah Surrette and George Hughes v. Salomon Smith Barney, Inc. and Philip L. Spartis - 10/18/2005

Case Summary: Our client, Philip L. Spartis, served as a Salomon Smith Barney, Inc. (SSB) Corporate Client Group Director until February 2002. Claimants Deborah Surrette and George Hughes were SSB customers who sued Mr. Spartis and SSB, alleging, among other things, that Mr. Spartis acted negligently, fraudulently and breached his fiduciary duty to Claimants with regard to the handling of their employee stock options. We defended Mr. Spartis, claiming that the allegations against him were meritless because Mr. Spartis was not involved in the alleged sales practice violations, let alone committed any wrongdoing as to Surrette and Hughes. On October 18, 2005, after a seven-day hearing, a NYSE Panel issued an Award dismissing all of Claimant's claim and assessing all of the $20,850 in forum fees against the Claimants. Notably, the Panel also ordered the expungement of the arbitration from Mr. Spartis's regulatory record, stating that "after 13 hearing sessions, the panel orders that all references of this arbitration matter be expunged from Philip Spartis' CRD records as he was not involved in the alleged investment sales practice violation and the allegations are erroneous."

Jeffrey L. Liddle

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