Customers vs. Member

Outcome: Respondent is liable for and paid Claimants' compensatory damages

Description: Claimants asserted the following causes of action: (1) Violation of the Federal Securities Act of 1933; (2) Violation of the Washington State Securities Act; and (3) Violation of the Washington Consumer Protection Act. The causes of action relate to Claimants' purchases of shares in the Municipal Opportunity Fund Five, LLC ("Fund"). Unless specifically admitted in the Answer. Respondent denied the allegations made in the Statement of Claim and asserted various affirmative defenses.