Fordham Law’s Security Arbitration Clinic Wins Damages in Fraud CaseMay 20, 2009
A team of four Fordham Law students from the Securities Arbitration Clinic won a case when an arbitration panel ruled in favor of their client, Saquana Fowler. The case pitted Fowler, an individual investor, against two brokers for J.P. Turner & Company, a national brokerage firm. Fowler had previously settled her case against the company.
"It is a testament to the students' ability that this case was resolved so favorably for Ms. Fowler, who could not otherwise have afforded legal services," said Professor Paul Radvany, who supervised the clinic students.
The student team consisted of Phillip Arnold '10, Eliot Cartwright '09, Kate Moore '10 and Josefina Valdez '10. Professor Romaine Gardner joined Professor Radvany in overseeing the students. The arbitration panel heard the case on April 6, 2009.
Fowler had invested $50,000 with brokers Damascus Lee and Ian Bynoe and received approximately $6,000 in restitution over the years. A Financial Industry Regulatory Authority ("FINRA") arbitration panel awarded her $43,590 in compensatory damages plus interest, as well as $30,720.89 in pre-judgment interest. They also awarded her post-judgment interest at nine percent.
"I have been rewarded more than I could have ever imagined, and I offer my sincerest gratitude to Fordham Law School for offering the Fordham Law Clinic," said Fowler. "If it weren't for this service I couldn't afford to dream of any form of civil justice for myself. The professionalism and careful attention that I received from the students and professors is second to none. I highly recommend this resource to anyone in need of help."
This is the second time in two years that the clinic has won a case on behalf of individual investors. In May 2008, arbitrators ruled in favor of Anne Wodehouse, awarding her nearly $25,000 in compensatory damages and $45,000 in punitive damages plus pre- and post-judgment interest.