FINRA Arbitrators have repeatedly rejected the notion that firms can avert paying bonuses based on their so-called discretionary nature.
New York, NY (PRWEB) June 11, 2010
Singer Deutsch LLP, a national securities and employment law firm with offices in New York, Los Angeles, and San Francisco, announced today that a Financial Industry Regulatory Authority (FINRA) arbitration panel in New York City recently awarded its client substantial compensatory damages in a 2008 bonus case.
On April 14, 2010, the New York City panel awarded a plaintiff represented by Singer Deutsch in a legal action against M.J. Whitman LLC, $311,092.00, or, approximately 87% of the bonus of $358,621.84 that he was seeking. The plaintiff is a former high yield trader at M.J. Whitman.
The plaintiff’s claims emanated from his separation from M.J. Whitman LLC in November 2008 and its failure to pay him a bonus for the 10-plus months that he worked for M.J. Whitman LLC during the 2008 calendar year. The plaintiff was represented by lead counsel John Singer and Michael Deutsch of Singer Deutsch LLP. Mr. Singer was a securities litigator with Proskauer Rose LLP in New York and Los Angeles prior to forming Singer Deutsch with Mr. Deutsch in 2003.
"Once again, a FINRA Arbitration Panel has rejected the notion that the decision to award Wall Street bonuses is solely within the discretion of the employer," said John Singer. "This case once again demonstrates that arbitrators are inclined towards applying equity, especially when an industry professional works for nearly the entirety of the year and is profitable. FINRA Arbitrators have repeatedly rejected the notion that firms can avert paying bonuses based on their so-called discretionary nature."
The arbitration decision against M.J. Whitman LLC was the latest in a long line of bonus cases that Singer Deutsch has successfully brought on behalf of investment bankers, traders, brokers, analysts, compliance officers, wholesalers, and other securities industry personnel against Wall Street brokerage firms and investment banks.
Founded in 2003 by Georgetown Law School alumni John D. Singer, Esq. and Michael C. Deutsch, Esq., the firm represents individuals in both arbitrations and litigations against their former employers and in investigations or enforcement proceedings conducted by the Securities and Commodities regulators.
Additionally, Singer Deutsch handles diverse, complex matters for individual investors against investment banks, brokerage firms, hedge funds, financial planners, and investment advisors emanating from investment-related losses. These matters typically involve unsuitable investing, breaches of fiduciary duties, negligence, churning, material misrepresentations, unauthorized trading, material omissions, failures to supervise, blue-sky violations, and fraud.
For more information about the firm, visit http://www.SingerDeutsch.com or contact Michael Deutsch at (212) 682-3939.