A FINRA arbitration panel has dismissed a $32 million claim because the claimant was not a customer of the brokerage firms, and did not have an account with the Respondents.
The Claimant had alleged that he was an undisclosed third-party beneficiary to the investment contract at issue, and was therefore entitled to arbitrate the claims. Without a written agreement, and an admission that he had no dealings with the Respondent, the claim was dismissed.
See, FINRA Arbitration Award 13-02741
