Because of the way a firm handled his discharge back in October 2015, Credit Sussie will pay a former broker about $3.4 million. The Finra arbitration award found the total stems from compensatory damages plus interest, attorneys’ fees, the voiding of promissory notes, and hearing costs.
Barnes’ attorney, Rogge Dunn of Rogge Dunn Group in Dallas, said the award was particularly gratifying because it included the $20,000 in sanctions and dismissed Credit Suisse’s counterclaim that Barnes owed the outstanding balance of a promissory note.
“The takeaway to Wall Street firms is that Finra arbitrators are not afraid to hold firms accountable and award big numbers when they mistreat advisors, including voiding a promissory note,” he said. “To totally throw out a prom note is rare.”
Read the full article here.