A Financial Industry Regulatory Authority arbitration panel has shot down requests for compensatory damages from both Morgan Stanley and one of its former brokers following a dispute tied to an alleged breach of promissory note agreements.
The case is the latest example of how deals for sign on packages can sour when a new position at a financial services firm does not work out. Morgan Stanley brought the case against the former broker, Barney Greengrass, in December 2010 following his departure from the firm, and requested as much as $1.14 million in compensatory damages.
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