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A Financial Industry Regulatory Authority (FINRA) panel awarded two former Banc of America Investment Services brokers with a cumulative $2.1 million in an arbitration case against the broker-dealer last week.
The brokers, Rock Mirich and Brent Cowin, accused Banc of America Investment Services, as well as some of its executives, of damaging their reputations with current and potential clients by purposely interfering with prospective business relationships, libeling and slandering them and wrongfully firing them when they were asked to leave Banc of America, a broker-dealer subsidiary of Bank of America Corp, in October of 2004.
The FINRA panel, which consisted of three individuals, ordered Banc of America to pay Mirich $800,000 and Cowin $400,000 and three of its executives to pay the brokers awards of $5,000 to $10,000. The panel also ordered Banc of America to delete the "defamatory language" it placed on the brokers' U-5 termination forms.
