In September 2010, Lehman Brother filed a claim in FINRA seeking to recover the balance due on a promissory note from a former broker. Specifically, Lehman Brother requested $158,709.88 in compensatory damages, $22.57 daily interest, costs, fees, and expenses. The former broker counterclaimed for $1.5 million seeking a set-off or recoupment and citing Lehman Brother for enrichment and asserted affirmative defenses. He also sought expungement of the matter. Ultimately, the arbitration panel denied all parties’ claims.
Eccleston Law counsels, represents and defends financial advisers nationwide in regulatory, compliance, disciplinary and employment matters in arbitration and litigation, and before regulatory bodies such as the SEC, FINRA and state securities regulators. We frequently defend forgivable loan collection actions, prosecute Form U-5 defamation actions, counsel advisers as to how to transition successfully from firm to firm and negotiate the best possible agreements with their new firm, and provide succession planning, buy-sell agreements and other exit strategies and strategic consulting, practice transitions, mergers, acquisitions and divestitures.
