Paul Patrello and David Weiss v. Jefferies - 7/14/1992

Award Amount- $833,334.00

Case Summary: Our clients Paul Patrello and David Weiss, joined Jefferies in New York in order to help build a high-yield corporate bond sales and trading department. Jefferies promised them certain salary and bonus compensation, as well as an equity interest in the firm. After Messrs. Patrello and Weiss joined Jefferies, the firm changed focus and hired a group of high-yield salesmen to work in Los Angeles. After Jefferies effectively closed the New York-based high-yield sales and trading operation, Messrs. Patrello and Weiss left the firm. They then sued Jefferies for unpaid bonus and equity compensation. On July 14, 1992, an NASD arbitration panel awarded them each $416,667, for a total award of $833,334.

Lawyer(s):
Jeffrey L. Liddle