- 4 -
The Arbitration Proceeding
On May 23, 1996, petitioner commenced an arbitration
proceeding with the NASD (the arbitration proceeding) naming
Nomura as a party. He commenced the arbitration proceeding by
filing a Demand For Arbitration and Statement of Claim (the
original claim) alleging, inter alia, breach of his employment
contract with Nomura, breach of covenant of good faith and fair
dealing, and defamation. He sought damages in the sum of
$11,174,000 plus interest on his claims, punitive damages,
attorney’s fees, and costs.
On July 19, 1996, Nomura filed a counterclaim alleged that
petitioner, while at Nomura, had been “parking” securities, and
sought “in excess of $500,000" for breach of a fiduciary duty.
On May 13, 1997, petitioner filed a Second Amended Statement
of Claim (the amended claim) in which he asserted additional
claims, the most significant of which was a $3 million claim for
defamation in connection with the filing, by Nomura, of an
amended Form U-5, which disclosed that petitioner was involved in
an investigation by the NASD.
Other Proceedings
Sometime after filing the original claim, petitioner
commenced an action in the New York State Supreme Court. In that
action, he moved to enjoin Nomura from filing the original Form
U-5 with the NYSE and NASD (the injunction action). The court
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011