David Cosgrove recently worked with local counsel on the East Coast to obtain a $900,000 settlement for a member of senior management for a regional broker-dealer. Because the manager was both an employee and an independent contractor, he had viable claims for both wrongful termination and U-5 defamation, as well as expungement. As part of the settlement, the broker-dealer will be filing an amended U-5 curing what was alleged to be defamatory language on the client's professional record.
