Former Trader v. Countrywide Securities Corp. - 8/19/2009
Award Amount- $4,580,350.00
Details: On August 19, 2009, the United States District Court in Los Angeles confirmed this arbitration award and rejected Countrywide's appeal to vacate the award as being contrary to the law. Countrywide did not appeal the breach of contract portion of the award ($2,149,750). In upholding the $2,430,600 portion of the award for wrongful termination, the federal court explicitly rejected Countrywide's position that an at-will employee cannot state a claim for wrongful termination on the ground that, where there is an arbitration agreement governing employment disputes, the employee may only be terminated for just cause. Instead, the district court found that the arbitrator (a former United States Magistrate Judge) was well within his authority to rule that the client had been wrongfully terminated because the termination of his employment was without just cause.
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