Facts

Michael Barker sued Morgan Keegan & Co. Inc. and Raymond James & Associates Inc., in connection with Barkers former employment with the company.

CLAIMANT'S CONTENTIONS:
Claimant Barker sought payment of earned commissions under a written commission plan set in place by Morgan Keegan, as well as severance promised to Morgan Keegan employees pursuant to the acquisition agreement between Morgan Keegan and Raymond James. Claimant alleged that when Raymond James acquired Morgan Keegan, it attempted to impose new terms on claimant after the commissions were earned, including forfeiture of vested commissions in return for unvested stock options, a non-solicitation clause contrary to California law, and a $200,000 liquidated damages penalty for violation of the non-solicitation clause. Claimant alleged that when claimant refused to accept these terms, his employment was terminated.

RESPONDENTS' CONTENTIONS:
Respondents denied Barker's allegations, and asserted various affirmative defenses.

Damages

Barker requested general damages in the amount of $643,807, which included $197,339 in unpaid commissions, $93,195 in forfeited cash account, $53,273 in severance payment, and $300,000 in lost wages. He also requested waiting time penalties of $155,542, prejudgment interest on the unpaid wages since April 13, 2012, attorney fees and costs, $50,000 in emotional distress damages, punitive damages, and other relief.

Result

In May 2014, the FINRA Panel granted Barker's voluntary dismissal of his wrongful and retaliation claims with prejudice, which respondents did not object to. The Panel denied Barker's claims in their entirety.

Other Information

ARBITRATORS: Michael Joseph Desmond, Shawn Ridgell and Donald Ervin Cope.