Ronald M. Green, co-founder of Epstein Becker Green and manager of the Firm’s nationwide Labor and Employment practice, was quoted in The National Law Journal about the significance of an unsuccessful wrongful-termination suit brought by the former general counsel for GFI Securities Inc.
A New York State Supreme Court judge confirmed a Financial Industry Regulatory Authority (FINRA) panel arbitration order requiring former GFI Group general counsel Chaim A. Levin to pay nearly $375,000 to cover his former company’s attorney fees because he violated his employment agreement by refusing to cooperate with a company investigation. In New York, the Supreme Court is the trial-level court.
In the article, “GFI Group GC Must Pay $375,000 To Cover His Former Company’s Attorney Fees,” Green said the case is a rarity for Wall Street, but the outcome is not surprising. “The arbitrators’ award and the court’s confirmation show that general counsels, executives and other employees must cooperate in their employer’s internal investigations or face the consequences of refusing to do so,” he said.