Facts

Barclays Capital Inc. filed a complaint against Zamir Siddiqi alleging breach of contract, common count for money, and common count for a promissory note in connection with a promissory not executed by Siddiqi on Nov. 20, 2008, while he was employed with Barclays.

Siddiqi denied all allegations and filed a counterclaim against Barclays for wrongful termination, breach of written employment contract and implied covenant of good faith and fair dealing, fraud and misrepresentation, intentional interference, violations of the California Labor Code, violations of California Business and Professions Code, and inequitable misconduct.

Damages

Barclays sought the $3 million plus interest in the outstanding unforgiven principal of the loan, costs and attorney's fees as well as other relief. Siddiqi sought an accounting, $6 million in damages, punitive damages, interest, costs and attorney's fees.

Result

The FINRA Panel found Siddiqi liable to Barclays for $3 million in compensatory damages plus interest, $250,000 in attorney's fees, and in excess of $20,000 in costs. Siddiqi's counterclaim was denied for lack of evidence.

Other Information

ARBITRATORS: Anita Rae Shapiro, Robert J. Ruben, Stephen G. Holmes.