Gregory A. Fisher, a former Senior Managing Director at Bear Stearns office in Atlanta, Georgia, has been awarded $1.625 million in damages based on a breach by Bear Stearns of its severance agreement with Fisher. A three-member panel of arbitrators appointed by the Financial industry Regulatory Authority (FINRA) issued the award.
Fisher claimed that Bear Stearns forced him out in March 2005 because it was no longer interested in servicing his clients, which included financial institutions in the Caribbean and Latin America. As part of the severance agreement it negotiated with Fisher, Bear Stearns agreed not to solicit certain of fisher’s clients. Upon Fisher’s departure, however, Bear Stearns immediately reassigned some of Fisher’s largest accounts and began soliciting their business.
Fisher’s $1.625 million award was offset by an award in favor of Bear Stearns in the amount of $780,000 for excess Bear Stearns stock erroneously distributed to Fisher after his departure.
The arbitration was held in Atlanta, Georgia in August 2007. Page Perry partners J. Steven Parker and James A Nofi represented Mr. Fisher, who is now employed by another brokerage firm.
Page Perry is an Atlanta-based law firm with over 125 years collective experience representing investors in securities-related litigation and arbitration. The firm also has an active practice in representing individuals in employment disputes with brokerage firms. The firm is currently involved in representing several brokers in such disputes. For further information, please contact us.