Jefferies Must Pay Former Exec's Legal Fees

Law360, New York (October 3, 2013, 2:54 PM EDT) -- The Financial Industry Regulatory Authority on Wednesday ordered investment banking outfit Jefferies & Co. Inc. to pay the attorneys' fees incurred by a former managing director accused of defrauding customers on residential mortgage-backed securities trades.

Jesse C. Litvak had asserted that Jefferies breached contract by refusing pay his attorneys' fees and expenses in pending civil and criminal trials accusing him of committing securities fraud and Troubled Asset Relief Program fraud in investment funds worth more than $2 million.

FINRA ordered Jefferies to pay all expenses, including...
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