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Financial Services On 'Trial': Sterne Agee
A FINRA arbitration panel awarded $5.7 million to the former head of fixed income trading at Sterne Agee & Leach, after determining he had been terminated "without cause." The panel added that the former employee's contract with the firm "should be followed."
James Fellus, who had been an SMD of capital markets, had successfully built a fixed income division at Sterne Agree, according to attorney Jonathan Sack, who noted that when the firm owed him a "serious amount of money [under a] contractual formula," they fired him to avoid payment.
It was not immediately clear if Sterne Agee planned to appeal the award, the firm's outside counsel from Haskell Slaughter Young & Rediker, said "the case is not closed."
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