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Battling Wrongful Termination at Goldman Sachs

By admin in Posted January 12th, 2015
Goldman Sachs

Image credit – AP

A landmark arbitration ruling involving wrongful terminations at a Century City finance company could send a ripple effect to the Downtown LA finance district and all the way to Wall Street.Recently, Investment banking powerhouse, Goldman Sachs, was challenged by two former employees, who were terminated under questionable circumstances. The wrongful termination concerns were two-fold: one involving withheld payments and the other involving possible employer retaliation against one of the plaintiffs.

Wrongful Termination Lawyers Legitimize Employee Concerns

Brokers Luis Sampedro and Christopher Barra hired wrongful termination lawyers for a suit against Goldman Sachs, alleging that the firm had withheld deferred commissions due to a company policy change in stock compensation that prevented the plaintiffs from accruing any of the expected income. This amounted to a denial of a staggering 40% of the assets managed by the brokers. The Financial Industry Regulatory Authority ruled that this was in fact a violation of Los Angeles wrongful termination laws. The second wrongful termination allegation involved Barra, who accused his employer of retaliating against him for going on reserve duty in 2006, before firing him a year later. The panel again ruled in favor of the plaintiff for employer discrimination against military personnel.

Los Angeles Wrongful Termination Lawsuits Reap Big Awards

The plaintiffs ended up winning their battle against Goldman Sachs on both fronts, resulting in an arbitration award that exceeded the compensatory amount requested by the plaintiffs and their wrongful termination lawyers.

The panel granted the brokers a $7.6 million payment for compensation and punitive damages. Our firm admires the plaintiffs’ courage to stand up to their Los Angeles employer and seek to correct a serious injustice.

Wrongful termination is an incredibly broad legal protection for California residents, and the wrongful termination lawyers at Feldman Browne Olivares are committed to enforcing it under the full scope of the law. If you feel you have been slighted or mistreated by your LA employer, know that you have rights and protections afforded by Los Angeles wrongful termination law. The wrongful termination lawyers at our firm can work with you to find justice. Contact us now.

January 12, 2015