Facts

Charles Schwab & Co. Inc. filed a complaint against Edison Ruben Noboa relating to his former employment with Charles Schwab.

Noboa counterclaimed against Charles Schwab.

CLAIMANT'S CONTENTIONS: Claimant contended that respondent committed breach of contract, breach of the duty of loyalty and fraud, unfair competition, and misuse of trade secrets.

It denied the allegations in respondent’s counterclaim.

RESPONDENT’S CONTENTIONS: Respondent denied claimant’s allegations and asserted in his counterclaim that the allegation that he engaged in any activities stated in his Form U5 Section 7B was false.

Result

The parties settled the dispute and jointly agreed to dismiss the case in its entirety. The arbitration panel recommended expungement of derogatory and untrue information from respondent’s Form U5.