Donovan & Rainie Successfully Defends $7million Wrongful Termination Claim

Baltimore, Maryland (August 18 2015): The attorneys at Donovan & Rainie, LLC successfully defended a broker-dealer against a seven million dollar wrongful termination claim made by a former research analyst. Following a nine day hearing on the merits, a panel of FINRA arbitrators denied all of the claims asserted by the former employee, including her claims for punitive damages, attorneys’ fees and costs. In addition to her $7 million compensatory damage claim, the former employee sought to recover legal fees in the amount of $347,355, costs in the amount of $155,910.74 and unspecified punitive damages.

The former employee alleged that she was wrongfully terminated in retaliation for having complained to her supervisors and others about violations of certain securities laws, rules and regulations of self-regulatory agencies and firm policies. The broker-dealer asserted that the employment relationship was terminated as part of an overall reduction in the firm’s work force.

A copy of the arbitrator’s award may be obtained here.

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