PNC Employee Wins U-5 Expungement and Damages

A former broker at PNC sued PNC for a dirty U-5, alleging defamation, libel, misconduct, wrongful termination, and wrongdoing in connection with the termination of his employment.

A FINRA arbitration panel awarded him over $100,000, plus attorneys fees, and ordered his U-5 amended to state that his termination was arbitrary and capricious.

A significant win for the broker. Remember - your CRD Record is forever, and public. You need to make sure it stays clean, and you need to take action to protect and correct it.

Thanks to Bill Singer for alerting use to this award - Defamed PNC Employee Wins Dramatic Expungement 

If you are registered with FINRA and believe that your firm has filed a false U5, call Sallah Astarita & Cox. Their attorneys have decades of experience in representing brokers and firms in employment matters, including U-5 defamation cases.

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LPL Must Pay Broker $630K After Defamatory Letter Campaign | IAG Breaking News

Although brokerage firms enjoy the protection of a qualified, and sometimes an absolute, privilege when reporting alleged violations to securities regulators, that privilege does not apply when the firm sends defamatory letters to a broker's customers.


LPL learned that lesson the hard way when a FINRA arbitration panel ordered it to pay $630,000 to one of its former brokers, who was terminated for borrowing money from a high school friend who was also a client. According to press reports, and the arbitration claim, LPL terminated the broker, and sent letters to his clients which the broker claimed were defamatory.


LPL Must Pay Broker $630K After Defamatory Letter Campaign | IAG Breaking News