Facts

Alexander Gerard Conteh entered into a dispute with Cole Capital Corporation in connection with Conteh's employment with, and subsequent termination from, the company.

PLAINTIFF'S CONTENTIONS: Conteh alleged claims of breach of contract, breach of implied covenant of good faith and fair dealing, and bad faith termination.

DEFENDANT'S CONTENTIONS: Cole Capital denied the claims against it and asserted defenses.

Damages

For lost compensation, Conteh sought $39 million in damages and restitution, and the expungement of his Form U5 with changes to the termination language. Conteh also requested the return of stock allegedly owed to him. Conteh also sought punitive damages and attorney fees.

Result

The panel denied Conteh's request for compensatory and punitive damages. The panel recommended expunging the termination language in Conteh's Form U5, and changing the wording of the explanation, but did not recommend changing the wording in the way Conteh had requested.

Other Information

ARBITRATORS: George L. Tindall, presiding chairperson; Noel H. Applebaum, Carole H. Aragon.