Trusted and Experienced New York City Promissory Note Attorney for Wall Street Brokers

Conflicts frequently escalate to FINRA arbitration, where brokers are required to defend against repayment claims from former employers. For over 20 years, attorney David S. Rich has asserted valid counterclaims on behalf of brokers, aiming to offset or eliminate repayment obligations demanded by brokerage firms.

On Wall Street, brokers may encounter legal issues when their employer seeks to enforce the promissory note included in the employment agreement signed at the start of their employment with the firm.

Retaining an attorney with expertise in defending brokers against promissory note claims is crucial when a brokerage firm pursues recovery of a forgivable loan provided as a signing bonus.

At The Law Offices of David S. Rich in New York City, we provide dedicated legal representation for brokers involved in promissory note negotiations and represent them in promissory note arbitrations before the Financial Industry Regulatory Authority (FINRA).

With extensive experience in securities litigation, we provide Wall Street professionals and financial executives with reliable and knowledgeable representation. The Law Offices of David S. Rich is prepared to skillfully negotiate on your behalf and, when necessary, assertively defend against brokerage firm demands for repayment of promissory notes.

From negotiating settlements, to crafting counterclaims, to advocating for clients in FINRA arbitration proceedings, David S. Rich understands the legal nuances of financial professionals’ employment matters.

What are Promissory Note Cases in the Finance Sector?

Promissory note cases usually arise when brokers accept an offer of employment at a brokerage firm that includes transitional compensation. Brokerage firms often induce candidates to accept their offer of employment as a broker in the form of a type of forgivable loan called a promissory note.

The brokerage firm typically forgives the broker’s obligation to repay the promissory note after a specified period of continuous employment. If the broker leaves, or is terminated from, the brokerage firm before this period expires, the firm may demand the broker repay the balance of the promissory note back to the firm.

Conflicts between brokers and financial firms regarding promissory notes frequently escalate to FINRA arbitration, where brokers must defend themselves against their former employer’s repayment claims.

For over 20 years, attorney David S. Rich has been advocating on behalf of brokers against the brokerage firm’s demand for repayment by asserting valid counterclaims to offset or eliminate the broker’s repayment obligations.

Making a Counterclaim in a Promissory Note Case: What You Need to Know

Counterclaims can play an influential role in promissory note cases, especially in offsetting the amount a broker would owe to a brokerage firm. At The Law Offices of David S. Rich, we have extensive experience with FINRA arbitration, and we have specialized expertise in assisting brokers to effectively asserting these counterclaims.

Common counterclaims include fraudulent inducement to accept employment, unpaid overtime compensation, defamation and unpaid bonus.

Fraudulent Inducement: If a brokerage firm makes a promise during the hiring process that they had never intended to follow through with, brokers may have grounds to claim they were misled into accepting the offer of employment. For example, brokers may be guaranteed specific placement on a team or in a department – or exclusive client introductions. If the employer’s promises go unfulfilled, the deceptive employment inducements can negatively impact a broker’s earning potential. Fraudulent inducements to employment could serve as a valid counterclaim against the brokerage firm’s demand that the broker repay the promissory note.

Unpaid Overtime Compensation: Another counterclaim addresses unpaid overtime compensation. Brokers often work above and beyond standard hours, especially at the brokerage firms in New York City’s fast-paced Wall Street area. If a brokerage firm fails to meet the salary basis and minimum salary requirements of the white collar exemptions from overtime pay requirements, brokers can seek to recover unpaid overtime with a viable legal claim.

Defamation: Another frequent counterclaim is defamation. In some states, such as New Jersey, Brokers who have false statements maliciously made about them on their Forms U-5 may claim money damages for defamation.

Unpaid Bonus: An unpaid bonus, deferred compensation, and unpaid wages can form the foundation of counterclaims, reducing or eliminating the amounts brokers may owe to brokerage firms in promissory note disputes.

Whatever the context is for your counterclaim, consulting a skilled FINRA arbitration attorney such as David S. Rich ensures that your counterclaim is most effectively presented.

When To Hire a Promissory Note Attorney:

Brokers should hire an attorney when the brokerage firm demands repayment of their promissory note, especially when the dispute escalates to FINRA arbitration. An experienced FINRA lawyer can defend brokers against the brokerage firm’s repayment claims, present counterclaims, and protect the broker’s financial interests.

Don’t leave the fate of your promissory note case up to chance. Call Law Offices of David S. Rich to receive the expertise and attention you deserve.

If you are seeking a New York City promissory note law firm to advocate for you, look no further than Law Offices of David S. Rich. With over 20 years of experience in promissory note negotiation and FINRA arbitration, Mr. Rich has the specialized expertise that is needed to effectively and efficiently traverse the challenging procedures that are unique to brokers. From start to finish, Mr. Rich will analyze your unique situation and craft a legal strategy to maximize your chance of success.

Call New York (347) 418-0672 | New Jersey (201) 884-2114 or click here to contact Attorney David S. Rich about securing your legal and financial future.