FINRA Arbitrators Award Former RBC Advisor $9.7 Million in Gender and Age Discrimination Case

Posted on November 15th, 2024 at 2:20 PM
FINRA Arbitrators Award Former RBC Advisor $9.7 Million in Gender and Age Discrimination Case

From the desk of Jim Eccleston at Eccleston Law

FINRA arbitrators recently awarded a former RBC Wealth Management advisor nearly $9.7 million in damages for age and gender discrimination claims. The advisor had claimed that the firm terminated her in 2019 to seize her book of business as she neared retirement. According to AdvisorHub, the advisor alleged RBC acted unjustly, aiming to avoid compensating her for the value of her client accounts.

The arbitration panel awarded over $6 million in compensatory damages, $2 million in punitive damages, and $1.5 million in attorney fees under Minnesota human rights law. Although the advisor also sought to clear her U5 termination record, the panel denied that request.

RBC disputed the claims, stating that the firm values diversity and rejects discrimination. The advisor had contended the termination stemmed from a junior broker’s false allegations, motivated by a desire to inherit her accounts.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, finra

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