An arbitration panel last week ordered Wachovia Securities to pay $4.3 million to a broker fired for market timing. Frederick O'Meally was a broker at Prudential Securities and then Wachovia after the 2003 merger. His attorneys say that for years, O'Meally engaged in market timing on behalf of hedge fund clients with Prudential in-house counsel approval. The panel ordered Wachovia to pay O'Meally profit-sharing and retention bonuses, but denied compensatory damages and dismissed claims against Prudential.
October 02, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
An arbitration panel last week ordered Wachovia Securities to pay $4.3 million to a broker fired for market timing.
Frederick O’Meally argued in National Association of Securities Dealers proceedings that he was wrongfully terminated and that his former employer had committed libel and/or slander. He also said that his former employer still owed him compensation from a company savings plan and from a retention bonus.
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