NEW YORK--(BUSINESS WIRE)--Gleacher & Company, Inc. (OTC Pink: GLCH) (the “Company”) announced today that the arbitration panel hearing the claims brought by the Company’s former principal operating subsidiary, Gleacher & Company Securities, Inc. (“Gleacher”), against Robert W. Baird & Co. (“Baird”) and a group of former employees arising from unfair competition, solicitation and other conduct, among other matters, had rendered a decision in favor of Gleacher. In accordance with the rules of the Financial Industry Regulatory Authority (“FINRA”), the claims were adjudicated by an independent arbitration panel.
The arbitration panel awarded Gleacher approximately $17.8 million consisting of the following:
- $13,000,000 (plus interest from the date of the award until the award is paid in full) in compensatory damages against Baird
- $4,580,486 in attorneys’ fees and consulting fees expended by Gleacher in the matter against Baird
- $50,000 (plus interest from the date of the award until the award is paid in full) in compensatory damages against each of five former employees of Gleacher.
The panel denied the counterclaims brought by certain of the former employees against Gleacher, which sought allegedly unpaid compensation resulting from an alleged breach of contract, among other matters.
About Gleacher & Company
Gleacher & Company, Inc. is incorporated under the laws of the State of Delaware.
This press release contains “forward-looking statements.” These statements are not historical facts but instead represent the Company’s beliefs or plans regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. The Company’s forward-looking statements involve known and unknown risks, uncertainties and other important factors, including the risks and other factors identified herein, on the Company’s website and in other public disclosures made by the Company from time to time. As a result, the Company’s actual actions, performance or achievements or results may differ materially from those expressed or implied by these forward-looking statements. Although the Company believes that the expectations reflected in any forward-looking statements are reasonable, it cannot guarantee future events or results. Except as may be required under federal law, the Company undertakes no obligation to update any forward-looking statements for any reason, even if new information becomes available or other events occur.