麻花传媒

FINRA Arbitrators Award Former RBC Advisor $9.7 Million in Gender and Age Discrimination Case

Posted on November 15th, 2024 at 2:20 PM
FINRA Arbitrators Award Former RBC Advisor $9.7 Million in Gender and Age Discrimination Case

From the desk of Jim Eccleston at 麻花传媒

FINRA arbitrators recently awarded a former RBC Wealth Management advisor nearly $9.7 million in damages for age and gender discrimination claims. The advisor had claimed that the firm terminated her in 2019 to seize her book of business as she neared retirement. According to AdvisorHub, the advisor alleged RBC acted unjustly, aiming to avoid compensating her for the value of her client accounts.

The arbitration panel awarded over $6 million in compensatory damages, $2 million in punitive damages, and $1.5 million in attorney fees under Minnesota human rights law. Although the advisor also sought to clear her U5 termination record, the panel denied that request.

RBC disputed the claims, stating that the firm values diversity and rejects discrimination. The advisor had contended the termination stemmed from a junior broker’s false allegations, motivated by a desire to inherit her accounts.

 

麻花传媒 LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, finra

Return to Archive

TESTIMONIALS

Previous
Next

I am so blessed to have you and your dynamic team defending me. Your ethics, forward thinking and strategies are amazing.  You guys are the best group of attorneys in the country that I could hire to handle this complicated case.

Cindy C.

LATEST NEWS AND ARTICLES

November 4, 2025
FINRA Suspends Former Morgan Stanley Advisor Over $180,000 in Improper Transfers

The Financial Industry Regulatory Authority (FINRA) suspended former Morgan Stanley advisor C.J. Kline for two years and imposed a $5,000 fine for allegedly executing more than $180,000 in improper fund transfers between his personal and brokerage accounts.

November 3, 2025
Former Florida Broker Pleads Guilty in $2.7 Million Investment Fraud and PPP Loan Scheme

Former Florida broker Jared Dean Eakes, 34, of Jacksonville, has pleaded guilty to wire and bank fraud in connection with a $2.7 million investment scam and a separate scheme involving over $4.75 million in fraudulent Paycheck Protection Program (PPP) loans, according to U.S. Attorney Gregory W. Kehoe for the Middle District of Florida.

October 31, 2025
Department of Labor Sued Over Illegitimate Deferred Compensation Opinion Letter

Three former Morgan Stanley advisors filed suit this week against the U.S. Department of Labor (DOL), claiming the agency exceeded its authority and was unduly influenced when it issued an advisory opinion that sought to undermine their deferred compensation claims.