Page Perry Partner Interviewed For Investment News Article On Rare Punitive Damages Award Against UBS
Investment News reporter Bruce Kelly interviewed Page Perry partner James A. Nofi for an article in the December 10, 2007 issue on an award by a FINRA arbitration panel of damages of $4.6 million against UBS Financial Services, Inc., and two of its brokers, in an employment dispute with a former broker, Sammy Joe Gordon. The award included $1.7 million in compensatory damages, plus interest, $391,000 in attorneys’ fees, and punitive damages of $2.5 million.
Mr. Nofi observed that FINRA arbitration panels only award punitive damages and attorneys’ fees in a relatively rare number of cases. He noted that, when a broker leaves a firm, there is often a “mad scramble” for the broker’s customers and their assets. One of the distinguishing characteristics of this case was that UBS and the brokers had spread rumors about the former broker that he was heading toward a nervous breakdown. Mr. Nofi commented that the claim of mental health problems was an egregious one that he had not seen in other cases.
Page Perry, LLC is an eight-lawyer Atlanta-based law firm with over 125 years collective experience representing investors in securities related litigation and arbitration. The firm also has an active practice in representing individual brokers in employment disputes with brokerage firms. The firm is currently involved in representing several brokers in such disputes. For further information, please contact us.
Mr. Nofi observed that FINRA arbitration panels only award punitive damages and attorneys’ fees in a relatively rare number of cases. He noted that, when a broker leaves a firm, there is often a “mad scramble” for the broker’s customers and their assets. One of the distinguishing characteristics of this case was that UBS and the brokers had spread rumors about the former broker that he was heading toward a nervous breakdown. Mr. Nofi commented that the claim of mental health problems was an egregious one that he had not seen in other cases.
Page Perry, LLC is an eight-lawyer Atlanta-based law firm with over 125 years collective experience representing investors in securities related litigation and arbitration. The firm also has an active practice in representing individual brokers in employment disputes with brokerage firms. The firm is currently involved in representing several brokers in such disputes. For further information, please contact us.