Oppenheimer to pay EPC $113,574 over customer data
Finra panel nets counter-awards to both firms in 3-year-old case.
Oppenheimer & Co. Inc. will pay EPC Euro Pacific Capital $113,574 after a Financial Industry Regulatory Authority Inc.’s hearing panel settled a case involving alleged use of proprietary customer information, which racked up $122,400 in hearing fees after 90 hearings over almost three years.
In addition to enjoining Oppenheimer from using any EPC customer information it received from a broker, Steven Savoy, it had hired from EPC in 2015, the hearing panel awarded EPC compensatory damages of $128,574, attorneys’ fees of $200,000 and costs of $35,000. Since the panel also ordered EPC to pay Oppenheimer $250,000 for sanctions assessed against EPC, Oppenheimer will pay EPC the net amount.
Settlement of the case required two pre-hearing sessions with a single arbitrator, 28 pre-hearing sessions with the panel and 80 panel hearing sessions.
Learn more about reprints and licensing for this article.
