A full defense award—in a FINRA Form U-5 defamation case
Congrats to Freeman, Mathis & Gary, LLP attorneys Chad Weaver and Jennifer Lee - CIPP/US for their recent win—a full defense award—in a FINRA Form U-5 defamation case
Atlanta, GA: Claimant, a former Raymond James advisor, alleged that his former branch manager and Raymond James filed a Form U-5 containing false, inaccurate, and misleading information about the reason for his departure from the firm and sought $449,250 in compensatory damages, plus attorney’s fees and costs. After a three-day hearing, the FINRA arbitration panel not only ruled unanimously in favor of Raymond James and the branch manager but also awarded $50,000 in attorney's fees to the branch manager! This is a remarkable result given the recent uptick in Form U-5 defamation cases and stats that show FINRA arbitrators are generally more sympathetic towards advisors and tend to rule in their favor.