Representing Wrongly Terminated Financial Professionals
Any firm that terminates a registered representative is required to file a Form U5 explaining the reason behind the termination. When the termination is improper, the Form U5 is usually false and defamatory.
This can have career ending implications on the registered representative. If the disclosure appears on BrokerCheck, it will be available to the public and could impact the individual’s ability to get employed in any profession. The Form U5 disclosure will also likely trigger a regulatory inquiry.
As such, getting legal counsel retained promptly is necessary when a registered representative is concerned about, or is, getting terminated. Lewitas Hyman routinely represents financial advisors and other registered representatives who were wrongfully terminated by their firm. Our attorneys take a thoughtful approach to clients’ cases by first trying to work with the terminating firm concerning the Form U5 disclosure. When necessary, our attorneys are prepared to file wrongful termination and defamation claims.
Furthermore, financial professionals who report illegal, unethical or non-compliant behavior have strong protections against retaliation from their employer. Federal laws protecting workers include the False Claims Act and the Sarbanes-Oxley Act of 2002. Additional protections are also typically available at the state level.
As a boutique law firm focusing exclusively on securities law and the financial services industry, we can provide close, comprehensive counsel from attorneys with decades of industry and regulatory experience if you were terminated for:
- Wrongful termination.
- Retaliatory discharge.
- Hostile work environment.
- Retaliation for whistleblowing.
- Breach of contract.
- Fired while on medical leave under the Family and Medical Leave Act (FMLA).
If an employer illegally terminated you for whistleblowing or any other retaliation, we work to take action and achieve a favorable resolution for our clients, including:
- Restored benefits and compensation for lost benefits, including sick leave, vacation time and matching contributions in an employer-sponsored retirement plan.
- Reimbursed back wages, which may be as much as double what the employee is owed.
- Legal fees.
- Additional compensation for losses the employee suffered.