- 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 courtPage: 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