Lax & Neville LLP Wins over $1.2 Million and Expungement of Broker Record in Wrongful Termination Suit

On November 21, 2018, Lax & Neville LLP won a FINRA arbitration award on behalf of a financial advisor (the “Claimant”) against First Republic Securities. A three-person Arbitration Panel rendered the arbitration award valued at $1,202,643.85.

The Panel further ruled that the Claimant's U5 language regarding termination be changed to “[Claimant’s] termination was unwarranted.”

The Claimant asserted violation of New York Labor Law; breach of contract; breach of the implied covenant of good faith and fair dealing; abuse of the Form U5, slander and libel; and tortuous interference with business relationships

First Republic requested that the Panel deny Claimant’s claims for expungement and monetary damages in their entirety and dismiss Claimant’s Statement of Claim with prejudice. In the Counterclaim, First Republic requested that the Panel award First Republic the sum of $142,788.46, plus interest at the statutory rate of 9% per year; all costs it incurred to enforce Claimant’s obligations under the Promissory Note, including an award of reasonable attorneys’ fees; and such other and further relief as the Panel deems just and proper.

The Panel granted the Claimant $727,000.00 in lost future wages, $49,194.00 in compensatory damages for monies frozen and held at First Republic, $26,943.89 in costs, and $256,717.50 in attorney’s fees. The Panel additionally rejected First Republic’s counterclaims for Claimant's promissory note, ruling that First Republic must forgive the $142,788.46 promissory note.

To discuss this FINRA Arbitration Award, please contact Brian J. Neville, Barry R. Lax or Sandra P. Lahens at (212) 696-1999.

Client Reviews
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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