UBS Financial Services Inc. v. Christopher John Gallo
Published: Jan. 16, 2016 | Result Date: Dec. 9, 2015 | Filing Date: Jan. 1, 1900 |Case number: 13-02770 Arbitration – Expungement
Facts
UBS Financial Services brought a statement of claim for breach of contract against its former employee Christopher Gallo.
Contentions
CLAIMANT'S CONTENTIONS:
UBS contended that Gallo was liable for breach of contract due to three promissory notes he executed in 2008 to 2010.
RESPONDENT'S CONTENTIONS:
Gallo denied the allegations and asserted various affirmative defenses. He counterclaimed, alleging defamation relating to language in Question 7B of his Form U5.
Damages
UBS sought $215,268.18 in damages.
Result
The parties reached a settlement relating to the breach of contract conduct and the defamatory action, but as to damages only. The arbitration panel concluded that the entry on Gallo's Form U5 was made in retaliation for Gallo terminating his employment without giving notice, and therefore recommended expungement of the defamatory information.
Other Information
ARBITRATORS: Michael John Florio, Michael G. Clark, Barry A. Mainardi.
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