In a Financial Industry Regulatory Authority ("FINRA") Arbitration Statement of Claim filed in March 2012, Claimant Charles Schwab sought damages, attorneys' fees, costs, and the disgorgement of salary and benefits as a result of, among other causes of action cited, breaches of fiduciary duty  and contract, tortious interference with contract and prospective economic advantage, and unfair competition in connection with Respondent Chen's former  employment.  Further, Claimant Schwab sought an injunction from the use or disclosure of confidential information to "identify existing customers or to facilitate the solicitation of such customers or to otherwise unfairly compete with Claimant."In the Matter of the FINRA Arbitration Between Charles Schwab & Co., Inc, Claimant. v. Suzanne C. Chen and Golden State Advisors, LLC,Respondents (FINRA Arbitration 12-00954, March 21, 2013).

Respondent asserted that Respondent Chen acted in a manner consistent with her duty of loyalty and with applicable FINRA rules, and that Chen did not improperly disclose any of Claimant's proprietary information; and Respondent Golden State Advisors acted in a proper manner.

FBR Capital Markets Loses Commission DisputeBill SingerContributor

Tullet Prebon's $16 Million Raiding Case Broadside Against BGC Financial FizzlesBill SingerContributor

Morgan Stanley Wins Unfair Competition And Raiding Case Against Robert W. BairdBill SingerContributor

Janney Montgomery Scott Wins $2.4 Million Raiding CaseBill SingerContributor

The FINRA Arbitraion Panel found:

Respondent Chen liable and ordered her to pay to Claimant Charles Schwab:

• $250,000 in compensatory damages plus 4% interest per annum from the Award until ten calendar days prior to full payment; and
• $104,083 in attorneys' fees.

Respondent Golden State Advisors liable and ordered it to pay to Claimant Charles Schwab:

• $161,000.00 in compensatory damages plus 4% interest per annum from the Award until ten calendar days prior to full payment.

Also see these employment cases:

• FBR Capital Markets Loses Commission Dispute
• FINRA Wrongful Termination Case Fizzles
• Tullet Prebon's $16 Million Raiding Case Broadside Against BGC Financial Fizzles
• Morgan Stanley Wins Unfair Competition And Raiding Case Against Robert W. Baird
• Janney Montgomery Scott Wins $2.4 Million Raiding Case
• Brokerage Firm Goes All In But Loses High Stakes Employment Arbitration Poker Game
• FINRA Arbitrators Wrestle With Considerable Confusion In Wells Fargo Employment Case
• Wachovia Somewhat Stiffed by Stifel Nicholas In $7 Million Raiding Case
• Thar Be Monsters - FINRA Raiding Case Ends With Odd Ruling
• Citigroup is Dunne-in By FINRA Arbitration Loss
• Major Raiding Case Goes to Arbitration