Keesal, Young & Logan recently obtained a total victory for a broker-dealer in an employment dispute. In June 2017, a FINRA arbitration panel issued a final and binding award dismissing the claimant’s claims in their entirety.

The arbitration was initiated by an individual claimant who was employed as a financial advisor by the broker-dealer until being discharged in late 2014. The claimant alleged that the termination of his employment was wrongful and in violation of California public policy, asserting that the broker-dealer retaliated against him for purportedly engaging in protected whistleblowing. Based upon these allegations, the claimant pursued ten causes of action, including claims for wrongful termination, breach of contract, fraud, and defamation. The claimant’s initial pleading sought $5 million in damages and $10 million in punitive damages, as well as other relief. At the conclusion of the arbitration hearing, the claimant requested damages in excess of $4.1 million. The broker-dealer denied the claimant’s allegations, countering that his employment had been terminated due to his violations of corporate policies and his provision of inaccurate information to the broker-dealer’s compliance department concerning those violations.

After two years of litigation and a seven-day hearing, the FINRA arbitration panel dismissed all of the claimant’s claims. The panel specifically found that the claimant’s retaliation allegations had no merit.

The Keesal, Young & Logan attorneys representing the broker-dealer were Julie L. Taylor and Ian Ross. Additional support was provided by Litigation Support Specialist Aris Garcia.