We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Oppenheimer Loses $19M Broker Raid Case Against Citi

Law360 (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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.