Item: LaxNeville
Rating: 5
Author: Anonymous

Former Credit Suisse Advisers Win $9.5 Million and $9 Million Awards For Unpaid Deferred Compensation in FINRA Arbitrations

On December 23, 2021, a team of seven former Credit Suisse investment advisers represented by Lax & Neville LLP won a $9.5 million FINRA arbitration award against Credit Suisse Securities (USA) LLC for unpaid deferred compensation. See Prezzano et al. vs. Credit Suisse Securities (USA) LLC, FINRA No. 19-02974. This comes just weeks after another FINRA Panel awarded $9 million to a team of eight former Credit Suisse investment advisers represented by Lax & Neville. See Hutchinson et al. vs. Credit Suisse Securities (USA) LLC, FINRA No. 16-02825.

These teams are now among the numerous former Credit Suisse advisors who have successfully brought claims for their portion of the over $200 million of deferred compensation that Credit Suisse refused to pay its advisors when it closed its US private bank in 2015, violating the advisers' employment agreements and the firm's own deferred compensation plans. The advisors were terminated without cause when the firm closed its US private bank. As it did with respect to almost every one of more than 300 advisers, and in each and every one of the deferred compensation cases filed against it, Credit Suisse took the position that the advisors voluntarily resigned and forfeited their earned deferred compensation when Credit Suisse closed their branches and eliminated their positions. The FINRA Panels unanimously found that Credit Suisse terminated each of the advisors without cause, breached their employment agreements, and violated their respective states' labor laws.

Nine arbitrations have gone to award thus far, including seven brought by Lax & Neville LLP. See Prezzano et al. vs. Credit Suisse Securities (USA) LLC, FINRA No. 19-02974, Hutchinson et al. vs. Credit Suisse Securities (USA) LLC, FINRA No. 16-02825, Galli, et al. v. Credit Suisse Securities (USA) LLC, FINRA No. 17-01489; DellaRusso and Sullivan v. Credit Suisse Securities (USA) LLC, FINRA No. 17-01406; Lerner and Winderbaum v. Credit Suisse Securities (USA) LLC, FINRA No. 17-00057; Finn v. Credit Suisse Securities (USA) LLC, FINRA No. 17-01277; and Chilton v. Credit Suisse Securities (USA) LLC, FINRA No. 16-03065. All nine FINRA arbitration panels, three New York Supreme Court Commercial Division Judges (Credit Suisse Securities (USA) LLC v. Finn, Index No. 655870/2018 (N.Y. Sup. Ct. 2019); Lerner and Winderbaum v. Credit Suisse Securities (USA) LLC, Index No. 652771/2019 (N.Y. Sup. Ct.), Credit Suisse Securities (USA) LLC v. DellaRusso and Sullivan, Index No. 657268/2019 (N.Y. Sup. Ct.)), and a unanimous panel of the New York Appellate Division have found for the advisers and ordered Credit Suisse to pay the deferred compensation it owes them.

Lax & Neville LLP has won more than $30 million in compensatory damages, interest, costs, and attorneys' fees on behalf of former Credit Suisse investment advisers. To discuss these FINRA arbitration Awards, please contact Barry R. Lax, Brian J. Neville, Sandra P. Lahens or Robert R. Miller at (212) 696-1999.

★★★★★

The Lax & Neville team were total professionals in handling our case. They've clearly had quite a bit of experience handling complex legal matters in many jurisdictions and courts. I was impressed with their professionalism coupled with persistence in arguing a very complete and well-structured case. I highly recommend their services. Anonymous

I am very, very happy with the outcome of my case and my experience with Lax Neville could not have been better. The entire team of attorneys and staff are real professionals, they always had time to answer my many questions about my case. I was treated with compassion and respect. I am so grateful I chose to work with Lax Neville. Anonymous

This is an official " thank you" for all your hard work. It really was a pleasure to have you represent me, and I enjoyed seeing you, Rush and Sandra in action. I think Lax and Neville epitomizes the phrase "quality vs quantity". I think I told you before that I spent a lot of time researching firms; in this case things worked out, I picked the best firm. I hope I never need your services in the future, but if I do I know I found the best attorneys for these types of legal issues. Anonymous

What transpired at the [redacted] was nothing less than a truly masterful and exceptional experience regarding your intelligence, professionalism, preparedness for my case, teamwork and erudite knowledge pertaining to Securities Law, FINRA and the SEC. The facility and ease of how the case was handled, the systematic questioning of all the witnesses to obtain the facts necessary to prove our case, the preparation of the critically conclusive information and documents, the commanding coup de gras closing argument and your tireless consideration and respect for the Panel and [redacted] was, is and will continue to epitomize my feelings and conclusion that what transpired over those long three days was nothing less than raw and unabashed brilliance. Anonymous

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