Ex-Wachovia Broker Wins $3.8M In Panel Ruling

Law360, New York (September 26, 2006, 12:00 AM EDT) -- An arbitration panel has ordered Wachovia Securities to fork over $3.8 million to a former stockbroker who claimed he was illegally fired from the company in the wake of the 2003 market-timing scandal.

A three-member arbitration panel set up by the National Association of Securities Dealers handed over the award, including interest, to Frederick O’Meally, a former Prudential Securities broker.

He was dismissed from Wachovia in 2003 after Prudential Financial Inc. sold a controlling stake in the brokerage business to Wachovia Corp.

Wachovia defended its decision...
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