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FINRA Arbitration Win

January 8, 2018

David McComb, the Chair of Zarwin Baum's Employment Practice, successfully represented two Financial Advisors in a proceeding before the Financial Industry Regulatory Authority (“FINRA”) in Washington, D.C. The advisors sued their former broker-dealer employer when the employer falsely reported to FINRA that the advisors were under internal investigation at the time that they transitioned to another broker-dealer.  FINRA is required by regulation to make  such information publicly available on its Broker Check system, and the advisors contended that the employer had done so to defame them and to deter their customers from following the advisors to their new firm.  The advisors sought damages and expungement of the offending statements.

Shortly before the commencement of the arbitration hearing, the employer agreed to resolve the matter and to amend its FINRA filing  and delete the defamatory statements about the advisors. The remaining parts of the proceeding were settled by the parties.          

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