Oppenheimer Loses $19M Broker Raid Case Against Citi

Law360, New York (January 7, 2011, 8:06 PM EST) -- Oppenheimer & Co. Inc. has failed to prove to an arbitration panel that a Citigroup Inc. unit owes it $18.6 million for allegedly breaching a contract and stealing nine financial consultants from the company.

A Financial Industry Regulatory Authority dispute resolution panel rejected all of Oppenheimer's nearly eight-year-old case, saying in a harshly worded ruling that there wasn't enough evidence to prove the investment bank's claims — including breach of contract and unfair competition — over the employees who switched companies.

"We are disappointed by this...
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