D’Ambrosio Brown Obtains FINRA Arbitration Award for Investment Bank in Dispute with Former Employee over Forgivable Loan

D’Ambrosio Brown attorneys recently obtained a substantial FINRA Arbitration Award on behalf of an Investment Bank in a dispute with one of its former financial advisors concerning a forgivable loan.  The arbitration commenced following the former financial advisor’s failure to pay back the loan principal as well as incurred interest following the end of his employment with the Investment Bank.  The former financial advisor asserted a six-count Counterclaim against the Investment Bank, alleging breach of contract, breach of implied covenant of good faith and fair dealing, promissory estoppel, equitable estoppel, fraud and deceit, negligence and breach of duty of care.  Following three days of hearings, the FINRA Arbitrator ruled in favor of the Investment Bank and denied the former financial advisor’s Counterclaim in its entirety.  The award to the Investment Bank consisted of the loan principal, incurred interest, as well as the Investment Bank’s attorney fees and costs. 

The FINRA Arbitration Award is viewable at the following link:  http://finraawardsonline.finra.org/Search/ViewDocument/78813