Liddle & Robinson Attorneys at Law New York City

News Item

Doug Shaw v. Citigroup Global Markets - 2/16/2009

Award Amount- $1,200,000.00

Details: On February 16, 2009, Doug Shaw was awarded $1.2 million for his claims of wrongful termination and defamation by an arbitration panel of the New York Stock Exchange. Mr. Shaw, a 20-year veteran of Salomon Smith Barney (SSB), had been a top financial advisor at the firm's Greenwich, Connecticut branch office until his departure on September 1, 2005. On September 9, 2005, SSB filed a Form U-5 for Shaw, stating that we was permitted to resign and disclosed that the reason was manager discretion non-sales practice. Mr. Shaw alleged that SSB wrongfully terminated his employment and filed a false U-5 with the specific intent of keeping his assets under management with the firm. Throughout the arbitration hearings, SSB unsuccessfully argued that Mr. Shaw was an employee at will and therefore could be terminated without just cause. Additionally, the Respondent unsuccessfully tried to establish that there was just cause in terminating Mr. Shaw because he supposedly failed to disclose certain information about several clients. Jeffrey L. Liddle, Esq. and David H. Feldstein, Esq. of Liddle & Robinson, L.L.P. in New York City, represent Mr. Shaw.

Jeffrey L. Liddle

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