Liddle & Robinson Attorneys at Law New York City

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Charles Maley and Bradley Cimo v. Julius Baer Securities, Inc. - 7/14/1997

Award Amount- $680,969.00

Case Summary: Our clients, Charles Maley and Bradley Cimo, had over 30 years of experience of fixed income institutional sales and trading before joining Julius Baer Securities in 1993. Julius Baer promised them that after working in New York for a period of time, they could establish and co-manage a broker-dealer branch office for Julius Baer in Florida. Upon joining the firm, Messrs. Maley and Cimo slowly realized they had been deceived on a number of points that had induced them to join the bank in the first instance. It turned out that their primary contact at Julius Baer, who was going to help them build the business, had been transferred to Julius Baer's San Francisco office before they joined. After they joined the firm, Julius Baer informed them that contrary to its pre-hire promises, they could not open a Florida branch office. Julius Baer had represented that it was a market maker in foreign bonds, and thus they would have significant access to the foreign bond markets. In reality, Julius Baer was only a broker in the European and Asian bond markets. Contrary to the bank's promises, Messrs. Maley and Cimo were denied access to Julius Baer's money management division. Julius Baer terminated their employment approximately 11 months after they joined the bank. Following a two-day hearing, a NASD arbitration panel awarded Messrs. Maley and Cimo $680,969.00 in damages, plus interest on their claims.

Jeffrey L. Liddle

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