Another Major Victory for Singer Deutsch LLP Client in a 2008 Bonus Case

FINRA Arbitrators Have Repeatedly Rejected Notion That Firms Can Avert Paying Bonuses Based on So-Called Discretionary Nature

NEW YORK--(BUSINESS WIRE)--Singer Deutsch LLP, a national securities and employment law firm with offices in New York, Los Angeles, and San Francisco, announced today that a Financial Industry Regulatory Authority (FINRA) arbitration panel in New York City recently awarded its client substantial compensatory damages, along with statutory interest, in a 2008 bonus case.

“Once again, a FINRA Arbitration Panel has rejected the notion that the decision to award Wall Street bonuses is solely within the discretion of the employer, and that firms can avert paying bonuses based on their so-called discretionary nature”

On June 9, 2011, a New York City FINRA arbitration panel awarded a plaintiff represented by Singer Deutsch LLP $493,906.00 in a 2008 bonus action against Citigroup Global Markets, Inc. (Citigroup). The plaintiff was a former high yield trader at Citigroup.

The plaintiff's claims emanated from his separation from Citigroup in November 2008 and its failure to pay him a bonus for the 10-plus months that he worked for Citigroup during the 2008 calendar year. The plaintiff was represented by lead counsel Michael C. Deutsch and John D. Singer of Singer Deutsch LLP.

"Once again, a FINRA Arbitration Panel has rejected the notion that the decision to award Wall Street bonuses is solely within the discretion of the employer, and that firms can avert paying bonuses based on their so-called discretionary nature," said Michael Deutsch. "This case demonstrates that FINRA Arbitration Panels are inclined to apply equity, especially when an industry professional works for nearly the entirety of the year and is profitable.”

The arbitration decision against Citigroup is the latest in a long line of bonus cases that Singer Deutsch LLP has successfully brought on behalf of investment bankers, traders, brokers, analysts, compliance officers, wholesalers, and other securities industry personnel against Wall Street brokerage firms and investment banks.

With respect to 2008 bonus actions alone involving financial services industry employees, Singer Deutsch LLP has recovered tens of millions of dollars through the FINRA Arbitration process.

Founded in 2003 by Georgetown Law School alumni John D. Singer, Esq. and Michael C. Deutsch, Esq., the firm represents individuals in both arbitrations and litigations against their former employers and in investigations or enforcement proceedings conducted by the Securities and Commodities regulators.

Additionally, Singer Deutsch handles diverse, complex matters for individual investors against investment banks, brokerage firms, hedge funds, financial planners, and investment advisors emanating from investment-related losses. These matters typically involve unsuitable investing, breaches of fiduciary duties, negligence, churning, material misrepresentations, unauthorized trading, material omissions, failures to supervise, blue-sky violations, and fraud.

For more information about the firm, visit http://www.singerdeutsch.com or contact Michael Deutsch at [phone].