Panel Awards $12M To Ex-AllianceBernstein Broker

Law360, New York (May 6, 2008, 12:00 AM EDT) -- An arbitration panel has ordered investment firm AllianceBernstein Holdings LP to pay $12 million to a former broker who, the panel found, was defamed by the firm in the aftermath of the market-timing scandal that swept Wall Street in 2003.

Last week, the Financial Industry Regulatory Authority ordered AllianceBernstein and Chief Executive Officer Lewis Sanders to pay former mutual fund sales manager John Carl $10 million in compensatory damages and $2 million in punitive damages.

The FINRA panel also ordered Alliance to change Carl's employment record...
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