Missouri Broker Need Not Repay Note

Posted on December 26th, 2013 at 10:00 AM

 From the Desk of Jim Eccleston at Eccleston Law Offices:

Finra arbitrators have denied U.S. Bancorp Investment (USBI)’s claims against Matthew Hanley Kallman, a Missouri broker formerly with USBI.  

Between April 2010 to July 2011, Kallman was promised a $50,000 signing bonus and the assignment of approximately $12 million in existing client assets as part of USBI’s employment offer. Kallman negotiated a better deal--a $65,000 bonus and $16 million in client assets.  However, after he joined, Kallman was afforded effective access to only $4.5 million in client assets. The breach of promises and resultant diminution in his actual and prospective income at USBI prompted his leaving the employ of USBI to find other employment. The arbitrators found this termination not to be “voluntary”. Further, the arbitrators determined that he owed no money on his note. Moreover, for USBI’s breach of its promise to assign him $16 million in clients assets, arbitrators ruled that Kallman is entitled to damages in the amount that he would have received in commissions had USBI fulfilled its promise. 

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags:

Return to Archive

TESTIMONIALS

Previous
Next

I am grateful to have found an outstanding law firm that specializes in securities matters. My lawyers were extremely knowledgeable, diligent, and are skilled litigators. No stone was left upturned. As a result of their experience and tenacity, the arbitration proceeding was dismissed in my favor.

Michael E.

LATEST NEWS AND ARTICLES

September 26, 2023
Looming Real Estate Crisis Poses Risk to U.S. Banking Sector

With the current downturn in the commercial real estate market, trillions of dollars in loans and investments pose a looming threat to both the banking industry and potentially the broader economy.

September 25, 2023
Legal Challenges Over 'Money-for-Nothing' Payments Gain Momentum

Apollo Global Management and Carlyle Group, two major private equity firms, now face investor lawsuits regarding payments made to insiders without apparent justification.

September 22, 2023
State Regulators Maintain Opposition to FINRA's Remote Supervision Pilot Program

The North American Securities Administrators Association (NASAA) and the Public Investor Advocate Bar Association (PIABA) has consistently opposed the Financial Industry Regulatory Authority's (FINRA) proposal for a voluntary three-year pilot program for remote inspections.