CORRECTED: ICAP Must Pay Fired Broker's Bonus But Avoids $80M Damages

Law360, New York (June 23, 2011, 6:21 PM EDT) -- The Financial Industry Regulatory Authority on Wednesday ordered ICAP Securities USA LLC to shell out back pay to a former employee, but didn't grant the damages of $80 million he demanded in his wrongful termination and breach of contract complaint.

FINRA ruled that ICAP must pay a $643,500 bonus owed to former ICAP broker Joseph Bellantuono, who was fired for allegedly engaging in proprietary trading after ICAP instituted a policy against it. Bellantuono, in his March 2009 complaint, claimed ICAP had wrongfully fired him and, in...
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