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Rose Mary Finocchi v. Charles Schwab Corp. - 2/28/2005

Award Amount- $291,500.00

Case Summary: We commenced this arbitration on behalf of Rose Mary Finocchi after Charles Schwab Corp. ("Schwab") terminated Ms. Finocchi's employment and then filed damaging information on her Form U-5 Termination of Registration form. Following Schwab's injurious U-5 filing, Ms. Finocchi was unable to find another employment position within the securities industry. The principal claim asserted was one for intentional interference with prospective business advantage based on the U-5. We sought a complete expungement of the damaging and false information on the U-5 and damages resulting there from. Prior to and throughout the arbitration hearing, Schwab contended that it was justified in filing the damaging information on Ms. Finocchi's U-5 record, relying on an internal investigation conducted by Ms. Finocchi's former managers and conclusions reached by these managers in connection with that investigation. We established at the hearings that Schwab did not terminate Ms. Finocchi's employment due to the alleged results of the internal investigation. Instead, as the arbitration panel recognized, the firm fired Ms. Finocchi due to a conflict between Ms. Finocchi and her supervisor, which followed Ms. Finocchi's request for an accommodation of a bonus payment. On February 28, 2005, the arbitration panel found Schwab liable, among other things, for intentional interference with prospective business advantage. The Panel awarded Ms. Finocchi $106,500 in lost income for the period July 2000 to February 2005; $15,000 in emotional distress damages caused by "Schwab's careless behavior in handling Claimant's inquiries about on-the-job computer problems, appeal of management decisions and post-employment forms"; and $20,000 in arbitration costs. The Panel also fully expunged Ms. Finocchi's U-5 form, clearing her good name. The Panel also awarded $150,000 in attorneys' fees.

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