Facts

Henry Stockman filed a complaint to recover damages as a result of allegedly false and defamatory information that Bear Stearns Inc. caused to be published about him in his Uniform Termination Notice for securities Industry Registration (U-5), filed in the Central Registration Depository.

The claimant alleged defamation and wrongful termination.

The respondent denied claimant's allegations and any liability to claimant. The respondent also asserted various affirmative defenses.

Injuries

On his defamation cause of action, claimant requested at least $1 million in general damages according to proof, at least $1 million in special damages according to proof, punitive damages, attorney fees, costs of suit, an Order of Expungement of the allegedly defamatory statements from the CRD, and such other relief deemed proper. On his wrongful termination cause of action, claimant requested at least $1 million in general damages according to proof, including lost earnings and employment benefits for breach of contract, at least $1 million in compensatory damages, according to proof, including lost earnings and employment benefits, interest on the lost earnings and benefits at a rate of 10 percent from April 4, 2006, punitive damages, attorney fees, and such other relief deemed proper. Claimant later filed an Amended Statement of Claim, in which he requested at least $1 million in general damages according to proof, at least $1 million in special damages according to proof, punitive damages, attorney fees, costs of suit, and Order of Expungement, and such other relief deemed proper on his first cause of action. On his second cause of action, claimant requested at least $1 million in general damages for breach of contract, including lost earnings and other employment benefits according to proof, compensatory damages according to proof including lost earnings and other employment benefits of at least $1 million, interest on the lost earnings and benefits at a rate of 10 percent from April 4, 2006, punitive damages, attorney fees, and such other relief deemed proper. Respondents requested an order dismissing claimant's claims and assessing all costs against claimant.

Result

The claimant dismissed his claims for wrongful termination and defamation. His requests for expungement and punitive damages were denied. Each party bore their respective costs.

Other Information

ARBITRATORS: Paul F. Faberman, Public Arbitrator, Chairperson; Kathryn J. Toronto, Public Arbitrator; Homer L. Davis, III, Non-Public Arbitrator.