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Broker Wins Case Alleging Wrongful Termination Based on Fee Based Philosophy
An arbitration panel has found that Dain Rauscher, Inc. defamed a former stockbroker when it claimed on his Form U-5 that he failed to meet performance guidelines. Instead, the panel ordered that the U-5 be amended to read, "Change in company philosophy to fee-based clientele".
Further, the broker successfully defeated the firm's claim for repayment on his promissory note and, moreover, received lost wages and punitive damages.
Source: Dow Jones Newswires, February 12, 2002
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Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
Shaheen, Novoselsky, Staat, Filipowski & Eccleston
P.C.(www.snsfe-law.com). This Web site contains material
of general interest. It is neither intended to, nor constitutes, either legal advice or investment advice.
Always consult an attorney and/or investment advisor when building and protecting your wealth.
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