AdvisorHub reports on Credit Suisse’s extended battle with former brokers. These brokers are trying to collect deferred compensation in the wake of its 2015 decision to close its U.S. Wealth Business.
Dozens of brokers have filed claims against Credit Suisse. They claim they were terminated without cause before they were able to collect on deferred compensation. However, Credit Suisse claims that the brokers who went to other firms after the 2015 shutdown were compensated by their new firms for money left behind, likely through forgivable loans or other forms of payment.
Rogge Dunn is an attorney specializing in Texas employment laws and FINRA arbitration. Furthermore, he represents several former Credit Suisse brokers in deferred compensation claims. Recently, Dunn spoke about the Suisse bank U.S. broker-dealer that filed a petition to vacate an almost $1 million award. Furthermore, the FINRA arbitration panel made this award in November 2018 to a New York City broker.
Dunn said:
“The only explanation for the vacate petition is that they want people to know they’re going to have spend more time and money fighting this.”
“They are only delaying the inevitable, in my humble opinion. Also, trying to vacate any arbitration award, much less a FINRA award that doesn’t require a ‘reasoned’ decision, is the longest of long shots.”
If you want to read the full article, click here: Credit Suisse Seeks to Vacate Broker’s $975.5K Deferred Comp Award – AdvisorHub
To get more information from the experienced employment lawyers at Rogge Dunn Group on deferred compensation, contact us today.