The 2nd U.S. Circuit Court of Appeals has sharply rebuked a National Association of Securities Dealers arbitration panel for trying to restrict an award of attorney fees to a successful age discrimination claimant.
A three-member NASD panel concluded that Bernhard B. Porzig was fired from his sales job at investment bank Dresdner Kleinwort in violation of the federal Age Discrimination in Employment Act and awarded him more than $200,000 in damages. But contrary to the requirements of the ADEA, the panel denied Porzig attorney fees and assessed him around $14,000 in arbitration costs.
