An irreverent Wall Street Blog
by Bill Singerwww.brokeandbroker.com/index.php?a=blog&id=334Major Raiding Case Goes to Arbitration Written: March 15, 2010

To get an idea about how complex a Financial Industry Regulatory Authority (FINRA) Arbitration can get, just consider this case caption: In the Matter of the Arbitration Between: Claimant / Counter-Respondent Piper Jaffray & Company, Incorporated vs. Respondents / Counter-Claimants Stifel Nicolaus & Company, Incorporated, David B. Holden, Lindsay L. Paine, Michael H. Pellicci, John L. Kuny, Zigmund C. Peret, Neil A. Koepcke, John S. Pinto, Christopher R. Peterson, Cole R. Ryba, Stephen A. Tufo, and Michael M. Loop (FINRA Arbitration 08-02601, March 5, 2010). 

 

All we need is Cecile B. DeMille, Charlton Heston, Sophia Loren, and the Spanish Army and we can film an old-fashioned 1960s epic. A cast of thousands. Filmed on the actual location where it all happened. No one will be admitted to the theater after the first twenty minutes.

 

Let me try to simplify things as best I can, so as to preserve the gist of this drama. 

  

 Claimant Piper Jaffray Claimant alleged that Respondent Stifel Nicolaus engaged in a pre-meditated raid of Piper's entire Aircraft Group within Piper's High Yield and Structured Products Division. Piper alleged that eleven of these employees left within 24 hours of each other and that these employees were the most productive of this group and were necessary to operate the business. Piper also stated that Respondents took with them confidential and proprietary documents when leaving their employment and that such documents should be returned to Claimant. 

 

TO READ THE ENTIRE CASE ANALYSIS, VISIT:

http://www.brokeandbroker.com/index.php?a=blog&id=334

 

  
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