An arbitration panel last week ordered Wachovia Securities to pay $4.3 million to a broker fired for market timing. Frederick O’Meally was a broker at Prudential Securities and then Wachovia after the 2003 merger. His attorneys say that for years, O’Meally engaged in market timing on behalf of hedge fund clients with Prudential in-house counsel approval. The panel ordered Wachovia to pay O’Meally profit-sharing and retention bonuses, but denied compensatory damages and dismissed claims against Prudential.
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Posted on Saturday, September 30th, 2006. Filed under: Employment, Law Misc
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An arbitration panel last week ordered Wachovia Securities to pay $4.3 million to a broker fired for market timing. Frederick O’Meally was a broker at Prudential Securities and then Wachovia after the 2003 merger. His attorneys say that for years, O’Meally engaged in market timing on behalf of hedge fund clients with Prudential in-house counsel approval. The panel ordered Wachovia to pay O’Meally profit-sharing and retention bonuses, but denied compensatory damages and dismissed claims against Prudential.
Popularity: 1% [?]
Posted on Saturday, September 30th, 2006. Filed under: Business Law, Law Misc
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