Anthony Ostlund partners Joe Anthony and Steve Phillips recently obtained an $825,000 arbitration award in favor of a securities broker-dealer.
The brokerage firm sued a former employee and financial consultant to recover monies owed on a promissory note. The former employee counterclaimed, asserting a claim for defamation and asserting that amounts owed under the promissory note should be offset because of alleged unjust enrichment, breaches of duties of good faith and fair dealing and alleged violation of FINRA rules.
Following a three day arbitration, a panel of FINRA arbitrators rejected the financial consultant’s claims for an offset against the amounts owed under the promissory note, denied her claim for defamation, and ordered the former employee to pay a total of over $825,000 in damages, interest, attorneys’ fees and forum fees.
