Oppenheimer Loses $28M FINRA Fight Against Ex-Director

Law360, New York (August 10, 2017, 6:41 PM EDT) -- Oppenheimer & Co. on Wednesday lost its $27.8 million arbitration fight against a former managing director after a Financial Industry Regulatory Authority panel denied the investment bank's claims of breach of contract and unfair competition.

The FINRA panel rebuffed Oppenheimer’s bid for $27,759,549 in compensatory damages, $665,976.71 in attorneys' fees and $46,980.91 in costs against Gregory A. Fisher, a former Oppenheimer managing director who left the company in November 2015 to join Jefferies LLC, which was also named in the dispute.

The arbitrators further ruled that...
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