Facts

Sean Edrington filed a complaint against his former employer, Deutsche Bank Securities Inc. asserting claims related to his employment with the company. Deutsche, in turn, filed a counter-claim against Edrington related to a promissory note.

CLAIMANT'S CONTENTIONS:
Claimant claimed that he should have received a revenue share of $780,000 on an investment banking transaction. Claimant asserted claims for breach of contract, failure to pay wages in violation of the Labor Code, waiting time penalties under the Labor code, unjust enrichment, breach of the covenant of good faith and fair dealing, conversion, intentional interference with prospective economic advantage, and unlawful business practices in violation of the Business and Professions Code. Claimant denied respondent/counter-claimant's allegations and, likewise, asserted various affirmative defenses.

RESPONDENT'S CONTENTIONS:
Respondent denied the allegations and asserted various affirmative defenses. In its counter-claim, respondent/counter-claimant asserted claims for breach of contract/promissory note and common counts and equitable relief with respect to a promissory note claimant/counter-respondent executed in November 2007.

Damages

Edrington requested $780,000 on his revenue share claim and additional in compensatory and punitive damages as well as fees and costs. Deutsche, meanwhile, sought the principal amount of $127,278, plus interest and fees and costs.

Result

The FINRA Panel found Deutsche Bank Securities liable to Edrington for $10,000 for unreasonable delay in making and communicating its decision that Edrington would not receive a revenue share on an investment banking transaction. Edrington, meanwhile, was found liable to Deutsche for the amount of unpaid principal of $167,278, plus interest of $8,087, and $10,000 in fees. After the offset, Edrington was found liable to Deutsche Bank Securities in the sum of $175,365.

Other Information

ARBITRATORS: Herbert Murez, Benjamin F. Breslauer, Brant Jackson Griffin. FILING DATE: July 2, 2013.