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Claimant Wins Expungement of Defamatory Disclosures at FINRA Arbitration

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Sep 20, 2010 12:37 pm
Claimant Wins Expungement of Defamatory Disclosures at FINRA Arbitration

In a FINRA Statement of Claim filed in October 2009, Claimant Kevin T. Grier sought in excess of $5 million in compensatory damages and $25 million in punitive damages,  plus attorneys' fees and other costs. He also sought expungement of defamatory statements on his Form U5. Respondent Keybanc Capital Markets, Inc. generally denied the allegations and asserted various affirmative defenses. In the Matter of the Arbitration Between: Kevin T. Grier,Claimant, versus Keybanc Capital Markets, Inc., Respondent. (FINRA Arbitration 09-06039, September 8, 2010) 

The Panel did not award any monetary damages but recommended that the reason indicated under Termination Explanation in Section 3 of Claimant's Form U5 be replaced with: "Management Discretion." However, he Panel allowed  "Discharged" to remain as the Reason for Termination."

In addition, the Panel recommended that Claimant Grier's Intemal Review Disclosure Reporting Page of Form U5 (Part 1. Comment 3) be amended to add that the:

"investigation has been closed with respect to Mr. Grier without any finding that he diverted corporate opportunities for his own benefit"