JPMorgan Chase faces damages for defamation of former employee
Date: 2024-04-15 Author: Oliver Abernathy Categories: BUSINESS
The Financial Industry Regulatory Authority (FINRA) has awarded hundreds of thousands of dollars in compensation to a former JPMorgan Chase employee after he accused the bank of defamation.
Form U5 and violation charges
Michael K. Nolan, a former financial consultant at JPMorgan Securities (JPMS), claims the bank harmed him by filing Form U5 with FINRA alleging violations of company policies and disclosure of confidential information.
Arbitration and FINRA Decision
After more than a year of litigation, FINRA awarded Nolan $250,000 in damages and required that the defamatory statements be removed from Form U5.
JPMorgan Chase, which has already paid millions of dollars in fines for various violations, agreed to pay compensation to the former employee.
This case stands out in the context of increased scrutiny of corporate misconduct and the impact it has on workers and companies' reputations.
