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Olga Emanuel v.Prudential Insurance Co. of America - 7/9/2004

Award Amount- $906,719.00

Case Summary: On July 9, 2004, an arbitration panel awarded our client, Olga Emanuel, $906,719 against Prudential Insurance Co. of America for the wrongful discharge of her employment. Ms. Emanuel was a top performing portfolio manager of proprietary bond funds for Prudential from March 1987 until January 1997. She was widely respected both within and outside Prudential for her commitment to obtaining the best execution and, consistently a top quartile return, on behalf of Prudential. Ms. Emanuel's commitment to obtaining the best execution and best return resulted in consistent top quartile performance in managing in excess of $3 billion in assets. In May 1996, Ms. Emanuel provided information to an in-house Prudential attorney in support of an allegation of discrimination. In August 1996, Ms. Emanuel was improperly accused of wrongdoing. After conducting an investigation, Prudential terminated Ms. Emanuel's employment on January 13, 1997 at the age of 59. We filed claims on Ms. Emanuel's behalf for wrongful discharge, age discrimination, retaliation, defamation, failure to pay severance and a request that the Panel order an amendment of defamatory language appearing on Ms. Emanuel's Form U-5. After hearing testimony over 28 days, the panel awarded Ms. Emanuel $450,000 in compensatory damages, $306,469 in interest, $150,000 in attorneys fees and $250 toward repayment of the NASD filing fee. The arbitrators also directed Prudential to pay forum fees of $63,200 to the NASD constituting all of the arbitrators' fees in the arbitration. The panel also sought to restore Ms. Emanuel's professional reputation by recommending the amendment of her Form U-5 Uniform Termination Notice For Securities Industry Registration. Read the decision

Lawyer(s):
Jeffrey L. Liddle
Marc A. Susswein




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