multi-million comp award

Rogge Dunn Interviewed by AdvisorHub on Multi-Million Comp Award to Former Credit Suisse Brokers

On Wednesday, July 21, Justice Andrea Masley of the New York State Supreme Court rejected an attempt made by Credit Suisse Securities to vacate a multi-million comp award to two of its former brokers.

The two brokers, Joseph T. Lerner and Anna Sarai Winderbaum, joined Morgan Stanley in 2015 after Credit Suisse announced it was shutting down its U.S. operations. However, in May 2019, FINRA arbitrators ordered the Swiss bank to the award them $6.07 million to compensate them for deferred compensation. Credit Suisse allegedly refused to pay the deferred compensation because they said they “received transition payments from Morgan Stanley to compensate for money left behind,” according to the AdvisorHub Staff.

Justice Masley upheld the multi-million comp award at $6.1 million, asserting that Credit Suisse failed to provide “convincing arguments to show that arbitrators manifestly disregarded state employment law and industry standards.”

Rogge Dunn weighed in on the judge’s decision to uphold the multi-million comp award. Dunn, who has seven claims pending in FINRA arbitration, is quoted saying, “Credit Suisse continues to pursue a defense that has been declared irrelevant and inapplicable.”

This case comes as the second comp award loss for Credit Suisse, and is among dozens of other arbitrations claims for deferred compensation.

“It’s another huge loss for Credit Suisse, and it makes the continued defense that they don’t owe FAs deferred comp because of their deals with new employers frivolous,” Dunn said.

While Credit Suisse has lost seven arbitration claims for deferred comp, it continues to seek to vacate other awards.

To read the full article, click here.

To learn more about the FINRA and Financial Advisors at Rogge Dunn Group, visit this page. Read about how a FINRA Compliance Lawyer can help you here.

If you wish to contact Rogge Dunn Group, please click here.

MEDIA

Biden’s Executive Order on Non-Compete Agreements
READ MORE
Whistleblowing, Employment Retaliation and COVID-19 Safety
READ MORE
Rogge Dunn Quoted in Texas Lawyer Article About Law Firms Reopening
READ MORE
Mental Health in the Workplace
READ MORE
Rogge Dunn Featured in D Magazine for Team Vacation to Cancún
READ MORE
LGBTQ+ Employment Rights in Dallas, Texas
READ MORE
An Early Look at Sexual Harassment
READ MORE
Rogge Dunn Interviewed on Fox 4: Employers Require Vaccination
READ MORE
Background Checks: Criminal History and Discrimination in Employment
READ MORE
Texas Employment Law: An Overview
READ MORE
The Employment Attorney Dallas Businesses Trust
READ MORE
Rogge Dunn Quoted in Dallas/Houston/ San Antonio Business Journal About New Texas Firearm Bill
READ MORE
Rogge Dunn Quoted in Washington Post Article About New CDC Mask Guidelines
READ MORE
Rogge Dunn Interviewed on WFAA: CDC Mask Guidance
READ MORE
Rogge Dunn Interviewed on CBS11: Remote Workers Push Back Against Return to Office Policies
READ MORE
An Update on Title IX Changes
READ MORE

Contact Us Today!

Contact us to learn how we can help answer your legal questions.

FILL OUT FORM