A federal judge in Pennsylvania has upheld a $1.6 million arbitration award for a mortgage company that was being sued under RICO by two former brokers who sought damages of $20 million or more. The arbitrator ruled that the company owed the two brokers $317,364 for breaching the "protected territories" provision of their employment agreements, but found that the two brokers owed the company for unearned advances and for their breach of the employment contracts based on their contacts with a competitor.
July 24, 2008 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A federal judge in Pennsylvania has upheld a $1.6 million arbitration award for a mortgage company that was being sued for RICO claims by two former brokers for between $20 million and $30 million in damages.
Gateway Funding Diversified Mortgage Services and three of its executives were sued in federal court in New Jersey by two former branch managers, John Field and Marty Witzburg, over claims the company entered into a merger that ate away at the pair’s protected territory in North Jersey.
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