FINRA’s Ten Largest BD Arbitration Awards in 2019

Posted on October 16th, 2019 at 2:29 PM
FINRA’s Ten Largest BD Arbitration Awards in 2019


  1. $9 million: Credit Suisse Securities vs. UBS Financial Services
    Winner: Credit Suisse Securities
    Unfair competition, raiding, aiding and abetting, breach of fiduciary duty and duty of loyalty, tortious interference with contract, misappropriation of trade secrets. Violation of FINRA Rule 2010 and breach of the Broker Protocol. 
  2. $7 million: Cantor Fitzgerald & Co. vs. Ilan Shlomo Adika Winner: Cantor Fitzgerald
    Repayment of loans.
  3. $6.8 million: Constantine Demopoulos and Michael Fontaine vs. Deutsche Bank Securities
    Winner: Reps
    Breach of contract, breach of oral promises, breach of covenant of good faith and fair dealing implied in all contracts, fraudulent and/or negligent misrepresentations and constructive termination of employment. Bank received offsets that reduced award by about $1 million. 
  4. $6.7 million: Joseph Todd Lerner and Anna Sarai Winderbaum vs. Credit Suisse Securities Winner: Reps
    The reps asserted breach of contract, breach of the implied covenant of good faith and fair dealing, conversion, unjust enrichment, false and misleading Form U-5 and fraud.
  5. $2.6 million: Ivan R. Gefen vs. Morgan Stanley
    Winner: Morgan Stanley
    Breach of employment agreement; age discrimination in violation of New York Human Rights Law; wrongful discharge; intentional infliction of emotional distress. Causes of action relate to Gefen’s termination of employment with Morgan Stanley over outstanding promissory notes.
  6. $2.5 million: Christian N. Cram, Andrew E. Firstman and Mark G. Horncastle vs. Credit Suisse Securities
    Winner: Reps
    Constructive discharge; fraudulent inducement; fraudulent intentional and/or negligent misrepresentation; breach of contract 
  7. (tie) $2 million: Next Financial Group vs. Douglas P. Simanski
    Winner: Next Financial
    Breach of contract for violating the Independent Contractor Agreement between Next and Simanski. Rep failed to get approval for all of his personal securities accounts and all of his outside business activities. 
  8. (tie) $2 million: Rodney Hunter Schurg vs. Edward Jones
    Winner: Rep
    Employment discrimination in violation of the Americans With Disabilities Act. 
  9. $1.8 million: Michael Andrews, James Goggins, Christopher Johnson, Jennifer Meyer, Jason Proctor, Lee Przybyla and Alex Wilson vs. USAA Financial Advisors Inc.
    Winner: Reps
    Reps were paid for wrongful termination for practices related to the preparation and publishing of financial plans. Reps alleged that termination resulted in financial devastation and that they were unable to secure equivalent employment. 
  10. $1.7 million: Raymond, James & Associates vs. Anthony Frank Vaccaro
    Winner: Raymond James
    Vaccaro had to repay Raymond James for breach of contract for an unpaid balance on three separate loans

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, finra, bd arbitration awards, credit suisse, ubs

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