Facts

Paul Gomez filed a complaint against Merrill Lynch, Pierce, Fenner & Smith Inc., Merrill Lynch International Finance, Bank of America Corp. and Merrill Lynch & Co. Inc. alleging wrongful termination in violation of public policy or discrimination and breach of contract; breach of implied and/or express contract of continued employment; breach of implied covenant of good faith and fair dealing; libel; failure to supervise in violation of NASD Conduct Rules; failure to supervise in violation of California Code of Regulations Section 260.218.4; intentional interference with prospective economic relations; and negligent interference with prospective economic relations. The claims relate to Gomez's termination of employment from Merrill Lynch, Pierce, Fenner & Smith Inc.

Merrill Lynch, Pierce, Fenner & Smith Inc. and Merrill Lynch International Finance filed a counter claim against Gomez alleging breach of contract and unjust enrichment related to an alleged balance due under a Promissory Note executed by Gomez on January 7, 2009.

Damages

Gomez sought general damages in excess of $1 million for each cause of action, special damages, interest, expungement of records, as well as attorney fees and costs as well as actual and punitive damages in excess of $3.8 million. Merrill Lynch respondents requested $1,162,790.76, the outstanding principal balance of the promissory note plus interest as well as attorney fees and costs.

Result

The FINRA Panel made no determination with respect to Gomez's claims against Bank of America and Merrill Lynch & Co. Inc. as they were not members of FINRA. The Panel then denied Gomez's claims in their entirety and held him liable for $1,162,791 in compensatory damages plus $127,036 in interest plus $283,760 and $33,660 in attorney fees and costs, respectively. Merrill Lynch International Finance's counterclaims were denied in their entirety.