Firm assessed punitive damages in wrongful termination case

When it comes to wrongful termination cases multiple factors will be taken into account in the determination of whether the termination of a job is wrongful. Accordingly, when filed, these cases can take some time to resolve. Recently a case involving two brokers and Goldman Sachs Group Inc was resolved. The case was filed in 2010.

Both brokers, who worked as a team, were fired in 2007 after nine years with the company. One of the brokers claimed that he was treated poorly by a branch manager after he went on reserve duty less than a year before he was fired. The men claimed that they were fired as a result of the time that broker spent away from work, serving in the military. Among other things, the business was accused of violating the Uniformed Services Employment and Re-Employment Rights Act, a federal law specifically designed to prevent employees in the military from harassment and retaliation.

The brokers also said that when they were fired they did not receive the bonuses they earned.

A Financial Industry Regulatory Authority arbitration panel agreed that the men had been wrongfully terminated. Accordingly, it ordered Goldman to pay the former employees at total of $7.6 million, $100,000 of which was for the violation of the Uniformed Services Employment and Re-Employment Rights Act.

The panel’s award is particularly noteworthy since a portion of it is for punitive damages. More specifically, of the $7.6 million awarded, $2 million is in punitive damages. Though a possibility in wrongful termination cases such as this one, punitive damages are rarely assessed. The purpose of this type of damages is to deter misconduct and punish the employer.

Unsurprisingly, Goldman has expressed displeasure with the FINRA arbitrators’ decision. It indicated that the men were fired for poor performance and that it might seek to have the award vacated.

The resolution of a wrongful termination claim can take some time. Nonetheless, if, as in this case, the resolution is in favor of the terminated employee, it may be worth the wait. If you believe your job was wrongfully terminated—whether it is due to serving your country in the military or another reason–you should contact an employment law attorney to learn about your options.

Source: NASDAQ, “Goldman Sachs Ordered to Pay Sacked Advisers More Than $7.5 Million,” Dec. 9, 2014