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Another Award Against a Firm For Reneging Compensation

By Mark H. Astarita, Esq.

Maybe the investment banks will learn that you cannot unilaterally decide not to pay their employees? Another FINRA arbitration panel has just awarded an investment banker, who alleged Barclays used the collapse of former employer Lehman Brothers to seek to renege on a compensation agreement, over $700,000 in compensation. The Panel also ordered Barclay's to pay the entire amount of hearing session fees for the arbitration, and interest. Just last week a FINRA arbitration panel awarded two Merrill Lynch brokers nearly $1.2 million dollars for allegations that Merrill reneged on its written policy regarding payment of deferred compensation. The brokers left as a result of the merger with Bank of America, and alleged that they were entitled to their deferred compensation...continue to full post

Full post as published by SECLaw.com on October 21, 2010 (boomark / email).