Wednesday, November 29, 2006, 11/29/2006 11:45:00 AM

NASD Deals Securities Firm Trade Secrets Theft Blow

By Todd
McMahan Securities apparently thought its departing investment banker employee needed to return confidential files and office equipment before it had a duty to pay him monies owed under his employment agreement. So they sued him - and the investment banker countersued - and off to the NASD's arbitration panel they went. Apparently the NASD's arbitration panel didn't think too much of the unilateral withholding of wages and awarded the investment banker $250,000 and the securities firm nothing on its claims. Yet another example of an employer thinking the rules apply only to their employees and not to themselves.

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