Former Lehman Employee Notches First Win Against Promissory Note Collection in Arbitration
First the firm goes into the toilet. Then, after some legal sleight of hand involving some transfers with a FINRA non-member, some former employees are told that it's clawback time -- Lehman wants the unaccrued balances of the promissory notes back. Interesting standoff. Some say that a loan is a loan and if you don't remain employed, you have to abide by the terms of the agreement and repay wanted you didn't earn. Others say, LEHMAN?? Why should any former employee have to repay a Lehman PN after the stress that firm caused when it collapsed amidst mismanagement?
Regardless of your position, after a number of losses, one FINRA arbitration panel ruled in favor of a former employee. READ: Lehman Suffers First Loss In FINRA Arbitration Collection of Promissory Notes