Raymond James & Associates and Raymond James Financial have won their arbitration case in a dispute with Deutsche Bank, Investment News reports.
A three-member panel of Financial Industry Regulatory Authority arbitrators ordered Deutsche Bank to pay over $16 million to Raymond James and two of its registered representatives.
The case involved a claim by Raymond James that Deutsche Bank Securities Inc. and Deutsche Bank failed to pay revenue share fees and residual fee trailers on 10 commercial loans.
In their arbitration claim filed in September 2021, Raymond James asserted causes of action that included breach of contract, accounting, and breach of implied covenant of good faith and fair dealing, while requesting $48, 962,122 in damages.
Deutsche Bank denied the allegations that were made and asserted various defenses in requesting dismissal of the claim.
After considering the pleadings, the testimony and evidence presented at the hearing, and any post-hearing submissions, the FINRA arbitration panel found Deutsche Bank liable on the loan transactions and ordered the company to pay $16,396,992 in compensatory damages and accrued interest to Raymond James.
Handling financial services disputes requires counsel with a significant understanding of the industry, the laws, rules and regulations that impact our clients and the forums in which disputes are adjudicated. At Hyman Cotter PC, our attorneys’ unparalleled litigation experience comes from leveraging their industry-specific knowledge developed from working at firms such as Morgan Stanley, UBS Financial Services, serving as outside counsel for some of the world’s largest law firms, and through prior affiliations with the SEC. For more information about our arbitration and litigation services, please contact Hyman Cotter PC at 312-291-4600 or through our online contact form.
