Liddle & Robinson Attorneys at Law New York City


Case Database

» Compensation/Bonus

Found 51 Results.
On January 13, 2017, Jeffrey L. Liddle, with the assistance of local counsel Barry Waters, a member of the law firm Murtha Cullina, received a unanimous jury verdict in the United States District Court for the District of Connecticut in favor of L&R’s client, Czech Asset Management. The verdict was on the sole remaining cause of action after summary judgment.

Lawyer(s): Jeffrey L. Liddle

On June 13, 2016, a L&R partner won a FINRA arbitration award of over $1.75 million, plus over $865,000 in attorneys’ fees against UBS on behalf of a foreign currency derivatives trader. UBS terminated the trader’s employment allegedly for cause, forfeiting his deferred compensation and placing harmful language on his Form U-5. The arbitration panel not only awarded the trader compensation and attorneys’ fees and costs, but it further ordered that his Form U-5 be amended to remove the defamatory language. (Trader v. UBS Securities LLC; FINRA DR # 13-01652)

Web Info (URL): www.liddlerobinson.com/docs/FINRA-Award-14-00740.pdf

On August, 2016, the Supreme Court of New York State confirmed the arbitration award, rejected the attempt to overturn it, and entered judgment thereon in the amount of over $642,000 plus interest.

Web Info (URL): www.liddlerobinson.com/docs/MRBeal-Judgement.pdf

On November 15, 2011, L&R won a FINRA arbitration award of $666,862.61 ($507,119.86 plus interest at 9% for 3.5 years) against CIBC World Markets Corp., on behalf of John F. Burke, Jr. Mr. Burke retired from CIBC as a Managing Director and Head of Loan Sales and Trading after working at CIBC for 24 years. Prior to Mr. Burke’s retirement, CIBC promised him that it would grant his application to permit his unvested restricted stock to continue to vest after his retirement. After Mr. Burke’s retirement, however, CIBC denied Mr. Burke’s application and cancelled a portion of his unvested restricted stock. The arbitration panel awarded Mr. Burke damages for the value of this stock, plus interest.
(Burke v. CIBC; FINRA DR # 10-01810)

Web Info (URL): www.liddlerobinson.com/docs/Burke-v-CIBC-arbitration-award.pdf

Moskowitz v. Royal Bank of Scotland (RBS) FINRA # 09-04041. On August 4, 2011, after a seven-day hearing, a New York City based FINRA arbitration panel awarded L&R’s client, a former TIPS trader at RBS, $850,000 in bonus compensation that the firm owed him for his performance in 2008. The Panel rejected RBS’s claim that all bonuses at the firm were “discretionary,” and also that the employee was required to be paid pursuant to an onerous deferral scheme.

Lawyer(s): Jeffrey L. Liddle

On December 3, 2010, L&R won a FINRA arbitration award of $2,218,862.20, plus interest, against The Royal Bank of Scotland and RBS Greenwich Capital, on behalf of two proprietary traders. RBS shut down the traders’ group and terminated their employment with one week to go before the close of the 2008 bonus year. RBS paid them no bonus, despite the fact that both traders had generated substantial trading profits. The arbitration panel awarded them each 2008 bonuses based on their historic payout rate. (Bryant & Haddad v. RBS; FINRA DR # 09-02849)

Lawyer(s): Jeffrey L. Liddle

Web Info (URL): www.liddlerobinson.com/docs/4809_001.pdf

Our client, Al Shrago, was a Managing Director and tax specialist in the Strategic Equity Transactions Group of Deutsche Bank Securities, Inc. On December 4, 2008, Deutsche Bank terminated Mr. Shrago’s employment without paying him any bonus compensation for the year, despite his contributions to the group and the fact that other members of the group received bonuses. Mr. Shrago successfully sued Deutsche Bank for his 2008 bonus and received an award of $450,000 plus 8 percent interest from a FINRA arbitration panel on June 15, 2010.

Web Info (URL): www.liddlerobinson.com/docs/shrago-v-deutsche-bank-2008-award.pdf

On June 4, 2009, L&R won a FINRA arbitration award of $2,925,268.80 against RBS Greenwich Capital, on behalf of a proprietary trader. The claim was based on RBS’s breach of contract, after it breached its promise to pay the trader a certain percentage of his trading profits. In addition to the base award of $1,462,634.40, the arbitrators doubled the amount owed under the Connecticut Wage Act, Conn. Gen. Stat. sec. 31-72, because RBS acted either in bad faith, unreasonably or arbitrarily in failing to pay him his earned bonus. (Lichtman v. RBS Greenwich Capital; FINRA DR # 08-000732)

Lawyer(s): Jeffrey L. Liddle

Web Info (URL): www.liddlerobinson.com/docs/4808_001.pdf

Liddle & Robinson, L.L.P. has obtained a significant landmark decision on behalf of its client in the amount of $4,580,350.00 plus an order of expungment of its client's FINRA Form U-5.
Our client, head of Countrywide's U.S. Treasury trading desk based in California, brought an action against his former employer in connection with the termination of his employment. Our client's employment was terminated after a routine transaction in the February 7, 2008 U.S. Federal Reserve auction of 30-year treasury bonds that, as a result of Countrywide's status as a primary dealer, caused a trading loss which was beyond his control. In an effort to avoid paying Our client his guaranteed compensation pursuant to his employment contract, Countrywide falsely claimed that the termination of his employment was for cause. Although Countrywide knew that our client had not engaged in any wrongdoing, it thereafter attempted to extort a release of our client's legal claims against it by threatening our client with a dirty Form U-5 which it would be filing with FINRA. Our client refused to submit to Countrywides extortionate threat, and as a consequence Countrywide filed a Form U-5 which stated the reason for the termination of our clients employment as insubordination.
Pursuant to an arbitration agreement with JAMS, our client thereafter asserted claims against Countrywide including breach of contract, wrongful termination of employment, and the expungment of his Form U-5.
After five days of trial and post-trial briefing, among the Arbitrator's findings was that (1) our client had engaged in no wrongdoing and did not violate any policy or operating practice, procedure or rule of Countywide, (2) Countrywide was aware that our client had not engaged in any wrongdoing as its own internal investigation effectively so determined, (3) Countrywide exhibited a disturbing willingness to file a defamatory Form U-5 which would be relied upon by both FINRA and our client's future prospective employers, and (4) the termination of our client's employment was wrongful.
The Arbitrator's finding in favor of our client with respect to his wrongful discharge claim is an important landmark, both in California and nationally, concerning a continually developing exception to the employment at will doctrine. Although California (and virtually all jurisdictions) has a strong public policy of employment at will, the Arbitrator upheld our client's position that there is an exception to this public policy where there is an agreement to arbitrate employment claims. Although this important exception to the employment at will doctrine has yet to be adjudicated by the California courts, the Arbitrator found that [i]f a California state or federal court is called upon to make that determination, it most likely would so decide and would adopt the better and prevailing view nationally (via federal Circuit Court opinions) that " even assuming a strong state public policy favoring 'at will' employment --- a claim for wrongful discharge, based upon a claim of termination without 'just cause' exists under applicable state law, if there is a valid and enforceable contractual provision to arbitrate the circumstances of employment and termination.
As a result of these and other findings, the Arbitrator issued an award ordering that our client's Form U-5 be expunged, and that Countrywide pay our client $4,580,350.00 as damages for his breach of contract and wrongful discharge claims.

Web Info (URL): www.liddlerobinson.com/pdf/Countrywide-Arb-Award.pdf

L&R's client, Stephen Brooks, was a Florida-based wholesaler for Merrill Lynch Investment Managers LP (MLIM). When Blackrock acquired a majority interest in MLIM in 2006, Brooks lost his job as part a corporate restructuring. MLIM refused to pay Brooks severance pay under its severance pay plan and policy. Brooks sued MLIM under ERISA for violating his rights (he also brought a claim for an unpaid commission). After a three day hearing in April 2008, a FINRA arbitration Panel awarded Brooks virtually everything he was entitled to receive under the severance pay plan, including a cash payment of $94,076, an award of stock and options with a value of approximately $60,000 and an award of attorney's fees in the amount of $55,000.

Web Info (URL): www.liddlerobinson.com/pdf/brooks_merrill.pdf

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