Legal Question in Securities Law in New York

compensation

A Broker Dealer I previously worked for governed by another state has witheld commissions for almost a year. Some states award triple damages for witheld pay. In my case does their state of GA pay out or NY where I reside.


Asked on 9/30/05, 10:54 am

2 Answers from Attorneys
William Pinzler william M. Pinzler

Re: compensation

Before getting to the issue of triple damages, you should review your contract. Many, if not most, contracts call for arbitration and prohibit you from commencing an action for damages in court. Your contract may also limit the amounts for which you may sue.

Read more
Answered on 9/30/05, 11:07 am
Lawrence R. Gelber Lawrence R. Gelber, Attorney at Law

Re: compensation

Based on the very limited facts you present here, it would appear you have a strong argument, if you resided and worked in New York State, that New York law applies to your compensation entitlement. There are insufficient facts to evaluate whether the broker-dealer has defenses. Your Form U-4 likely obligates you to arbitrate the dispute, and NASD generally venues the matter in the state where Claimant (you) resides. Please visit my website at www.GelberLaw.net. You should meet with an attorney and present all the facts so that a more accurate and precise answer can be provided.

Read more
Answered on 9/30/05, 11:13 am


Related Questions & Answers

More Securities Law questions and answers in New York