Panel orders Merrill to pay $500K for Mattia termination

A Financial Industry Regulatory Authority Inc. arbitration panel has ruled that Merrill Lynch & Co. Inc. wrongfully terminated Joseph Mattia when it fired the former branch manager of the bank's flagship office in Manhattan.

A Financial Industry Regulatory Authority Inc. arbitration panel has ruled that Merrill Lynch & Co. Inc. wrongfully terminated Joseph Mattia when it fired the former branch manager of the bank’s flagship office in Manhattan.
According to Pavia & Harcourt LLP, the law firm representing Mr. Mattia, Finra found in favor of the former Merrill managing director’s claims, which included wrongful termination. The firm said the panel awarded Mr. Mattia more than $500,000 in lost wages and ordered Merrill to pay $12,500 in hearing fees.
As Investment News reported at the time, Mr. Mattia was terminated by Merrill in December 2008. Sources said that Mr. Mattia was escorted from the company’s midtown Manhattan office, which is Merrill Lynch’s largest and houses about 200 of the firm’s representatives and financial advisers.
Merrill’s reasons for seeking to fire Mr. Mattia weren’t clear. A Merrill spokesman, Mark Herr, declined to comment about the termination except to confirm that Mr. Mattia was no longer with the company.
Mr. Mattia’s attorneys claim that Merrill withheld the year-end compensation that was to be paid to him at the end of December.
Merrill did not return a call seeking a comment on the decision.
The Finra panel apparently issued its ruling on Nov. 4 and it became final after the expiration of a 30-day appeal period.