NASD Arbitration Panel Finds McMahan Securities Co. Liable to Michael Shillan for $250,000
NEW YORK- LAWFUEL – Legal News, Legal Jobs Network –Brian J. Neville, attorney for Michael Shillan, today issued the following statement regarding Mr. Shillan’s arbitration award in the McMahan v. Shillan case issued this week after a NASD arbitration held in New York City in August:
Mr. Shillan was initially sued by McMahan Securities over matters that were not disputed for tactical reasons. Mr. Shillan then raised counter-claims including breach of contract after not being paid for work as the Head of the Investment Banking Department at McMahan Securities in 2004. McMahan denied Mr. Shillan was due any compensation and fought the case all the way to an arbitration hearing.
Mr. Neville said, “In a hard fought arbitration with the defense fighting the claims to the very end, the NASD arbitration panel’s award is a vindication of Mr. Shillan’s claims. Brokerage firms (including McMahan Securities) seem to think that they can withhold Investment Banker’s compensation without justification and then use their superior capital to litigate wronged former employees into submission. Time and again arbitration panels reject the various defenses raised by these firms in their efforts to unjustly withhold hard earned compensation.
McMahan Securities was unable to convince the panel it had any justification to withhold Mr. Shillan’s hard earned Investment Banking compensation, and Mr. Shillan is extremely pleased with the NASD arbitration panel’s award; he feels particularly vindicated as the defense in the case seemed more focused on attacking him than in defending the merits of the claim. The process took over two years, there were multiple motions and tremendous expenditures of time and effort by both Mr. Shillan and his legal team. It seemed to him that McMahan was trying to bury him in legal fees, but, having experienced counsel that was knowledgeable about the internal workings of brokerage firms was invaluable to him throughout the process, in particular at the actual NASD arbitration hearing.”
The Law Offices of Brian J. Neville, LLC is a full service law firm specializing in arbitration and litigation in the brokerage industry. For additional information about these types of disputes, please go to www.nevillelaw.com.