SANTANDER BANK HAMMERED IN REASONED AWARD IT REQUESTED

           Last month a FINRA arbitration panel in Boston issued a reasoned award in an employment matter pitting a former employee against the bank.  Ironically, both the employee and the bank requested a reasoned award.  A reasoned award is pretty rare as the FINRA member almost never requests one and both sides must request the reasoned rather than typically scant and unjustified written award.              Beyond issuing an extremely incriminating award, the panel gave the Claimant every penny he requested – – over $1.3 million.  The Claimant was a former Senior Vice President in the bank’s regulated broker-dealer division.  The reasoned award set forth the facts that justified the award as follows:            Claimant was responsible for the activities of approximately twenty-two sales representatives…

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