Facts

Jimmy Suh filed an arbitration claim against Merrill Lynch Pierce Fenner & Smith Inc. in relation to a termination disclosure on his Form U5.

CLAIMANT'S CONTENTIONS: Suh alleged the information disclosed on his Form U5 was defamatory and sought expungement of the termination disclosure containing the information. Specifically, Suh claimed the information was false, defamatory, misleading, inaccurate, or erroneous. Suh also sought amendment to the reason for termination on his Form U5 to read voluntary, and expungement of the reason for termination on his BrokerCheck Report. In addition, Suh requested amendment of answers to Questions 7B, 7E(2), 7F(1), and 7F(2) on his Form U5 to no, and deletion of the accompanying Internal Review and Termination Disclosure Reporting Pages.

RESPONDENT'S CONTENTIONS: Respondent denied the allegations and raised various affirmative defenses.

Result

The panel recommended expungement of the Termination Explanation of the Form U5, and suggested a new explanation that explained Suh approved a subordinate's corporate credit card expensing in a way inconsistent with the firm's standards, and use of an unapproved application on his personal cell phone to communicate with associates on non-business matters. The panel stated the reason for termination would remain the same Further, the panel recommended the answer to Question 7F(1) be changed to no on Suh's Form U5 and the accompanying Disclosure Reporting Page be deleted.

Other Information

ARBITRATORS: Normal Michael Garland, David Harrison, Richard M. Norman