Raymond James & Associates and Raymond James Financial have won their arbitration case in a dispute with Deutsche Bank, InvestmentNews 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.
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