10. $1.7 million: Raymond, James & Associates vs. Anthony Frank Vaccaro
Winner: Raymond James
Vaccaro had to repay Raymond James for breach of contract for an unpaid balance on three separate loans.
9. $1.8 million: Michael Andrews, James Goggins, Christopher Johnson, Jennifer Meyer, Jason Proctor, Lee Przybyla and Alex Wilson vs. USAA Financial Advisors Inc.
Reps were paid for wrongful termination for practices related to the preparation and publishing of financial plans. Reps alleged that termination resulted in financial devastation and that they were unable to secure equivalent employment.
8. (tie) $2 million: Rodney Hunter Schurg vs. Edward Jones
Employment discrimination in violation of the Americans With Disabilities Act.
8. (tie) $2 million: Next Financial Group vs. Douglas P. Simanski
Winner: Next Financial
Breach of contract for violating the Independent Contractor Agreement between Next and Simanski. Rep failed to get approval for all of his personal securities accounts and all of his outside business activities.
6. $2.5 million: Christian N. Cram, Andrew E. Firstman and Mark G. Horncastle vs. Credit Suisse Securities
Constructive discharge; fraudulent inducement; fraudulent intentional and/or negligent misrepresentation; breach of contract
5. $2.6 million: Ivan R. Gefen vs. Morgan Stanley
Winner: Morgan Stanley
Breach of employment agreement; age discrimination in violation of New York Human Rights Law; wrongful discharge; intentional infliction of emotional distress. Causes of action relate to Gefen’s termination of employment with Morgan Stanley over outstanding promissory notes.
4. $6.7 million: Joseph Todd Lerner and Anna Sarai Winderbaum vs. Credit Suisse Securities Winner: Reps
The reps asserted breach of contract, breach of the implied covenant of good faith and fair dealing, conversion, unjust enrichment, false and misleading Form U-5 and fraud.
3. $6.8 million: Constantine Demopoulos and Michael Fontaine vs. Deutsche Bank Securities
Breach of contract, breach of oral promises, breach of covenant of good faith and fair dealing implied in all contracts, fraudulent and/or negligent misrepresentations and constructive termination of employment. Bank received offsets that reduced award by about $1 million.
2. $7 million: Cantor Fitzgerald & Co. vs. Ilan Shlomo Adika Winner: Cantor Fitzgerald
Repayment of loans.
1. $9 million: Credit Suisse Securities vs. UBS Financial Services
Winner: Credit Suisse Securities
Unfair competition, raiding, aiding and abetting, breach of fiduciary duty and duty of loyalty, tortious interference with contract, misappropriation of trade secrets. Violation of FINRA Rule 2010 and breach of the Broker Protocol.
The Financial Industry Regulatory Authority had a busy arbitration docket in 2019. Industry cases being settled this year ranged from breach of contract and wrongful termination to violation of the Broker Protocol.
This ranking includes broker-versus-firm and firm-versus-firm cases.
Click through the gallery above to see which parties prevailed in each case.
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