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A Wall Street arbitration sheet has asked America's biggest slope JP Morgan to wage a erstwhile worker millions successful damages for terminating him implicit an expense-account submission linked to a concern gathering astatine his home.
The ex-employee named Ryan Bodner was registered with JPMorgan Securities and its affiliated entities for implicit 10 years. The Financial Industry Regulatory Authority (FINRA) issued the ruling. FINRA is the self-regulatory assemblage that oversees US broker-dealers and runs the securities industry’s mandatory arbitration forum for disputes betwixt firms and brokers.JP Morgan has been asked to wage $4 cardinal damages on with a 10% yearly involvement from the day of work until the judgement is paid successful full.
The arbitrators besides ordered JPMorgan to reimburse Bodner $800 successful filing fees.Bodner's lawyer Marc Seldin Rosen told New York Post that JPMorgan mischaracterized a February 2024 gathering the broker held arsenic a “Super Bowl party” astatine an eatery erstwhile it was really a pre-approved concern gathering astatine his location involving a lawsuit and a prospective client. The disputed disbursal reportedly progressive a platter that was delivered to Bodner’s location for the confab and ordered a fewer days earlier the large game.
“They weren’t hiding anything,” the lawyer told Post, noting that the receipt showed transportation to Bodner’s home. “There was thing nefarious astatine all. They submitted the documents showing that it was astatine his house.” Rosen alleged that JPMorgan utilized the $642.50 platter arsenic a pretext to terminate his client, Ryan Bodner. JPMorgan had already decided to occurrence him earlier its deli-platter probe was complete, claiming “the dice was cast” and that interior unit moved “like vultures connected a carcass” to carve up Bodner’s clients.
What JP Morgan said connected the ruling
JPMorgan has powerfully refuted claims made by Ryan Bodner's lawyer. “We disagree with counsel’s characterizations of the facts and judge they are contrary to the witnesser grounds and grounds presented astatine the hearing,” a JPMorgan spokesperson told The Post. “In each workplace successful America, submitting an inaccurate disbursal study is grounds for termination,” the JPMorgan spokesperson added. “When a institution takes tenable actions based connected its probe and submits a bully religion U5 successful compliance with the law, it should not beryllium second-guessed and punished with a multi-million dollar award.
”The slope has truthful acold not publically said if it plans to situation the grant successful court.
What FINRA ruling said
After considering the pleadings, the grounds and grounds presented astatine the hearing, and immoderate post-hearing submissions, the Panel has decided successful afloat and last solution of the issues submitted for determination arsenic follows:1. Respondent is liable for and shall wage to Claimant the sum of $4,250,000.00 successful compensatory damages.2. Respondent is liable for and shall wage to Claimant involvement connected the above-stated sum astatine the complaint of 10% per annum from the day of work of this Award done and including the day the full Award is paid successful full.3. Respondent is liable for and shall wage to Claimant $800.00 to reimburse Claimant for the non-refundable information of the filing interest antecedently paid to FINRA Dispute Resolution Services.4. The Panel recommends the expungement of the Reason for Termination and Termination Explanation successful Section 3 of Brent Ryan Bodner’s (CRD Number 4187085) Form U5 filed by J.P. Morgan Securities LLC (CRD Number 79) connected June 24, 2024 and maintained by the Central Registration Depository (“CRD”).
The Reason for Termination shall beryllium changed to “Voluntary” and the Termination Explanation should beryllium deleted successful its entirety and shall look blank.
This directive shall use to each references to the Reason for Termination and Termination Explanation.The Panel further recommends the expungement of the mentation for the “If amending the Reason for Termination and/or termination explanation” connected the Amended Form U5 filed by J.P.
Morgan Securities LLC connected June 25, 2024 and maintained by the CRD. The effect to this punctual should beryllium deleted successful its entirety and shall look blank. This directive shall use to each references to the “If amending the Reason for Termination and/or termination explanation” section.The supra recommendations are made with the knowing that the registration records are not automatically amended. Brent Ryan Bodner indispensable get confirmation of this Award from a tribunal of competent jurisdiction, earlier the CRD volition execute the expungement directive, and indispensable guardant a transcript of the Court Order to FINRA’s Credentialing, Registration, Education and Disclosure Department for the amendments to beryllium incorporated into the Registration Records.5. Any and each claims for alleviation not specifically addressed herein, including immoderate requests for punitive damages, are denied.
