A FINRA arbitration panel has awarded former Merrill Lynch co-president Ahmass L. Fakahany $1.2 million out of the more than $70 million in compensatory damages he sought from his former employer.

Fakahany’s claim was first filed in December 2008, months after he officially left Merrill Lynch in February 2008. His departure came as the firm swapped leaders, with Chief Executive E. Stanley O’Neal stepping down in October 2007 as the credit crisis took hold. He was replaced in December 2007 by John Thain.

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