FINRA on Tuesday, in an arbitration case, decided against Lehman Brothers, which sought to recover $259,084.12 from a former employee, Jennifer Lorenc Mitchell.
Lehman originally filed a claim against Mitchell, one of 113 former employees against whom it took similar actions, in October 2010. According to a Forbes report, Lehman contended that, from 1998 to August 2008, it loaned the 113 employees a total of some $80 million; it was this money that it sought to recover after its bankruptcy.
The company sought $176,000 in compensatory damages from Mitchell, plus interest, costs, and attorneys' fees, arising in connection with an alleged breach of promissory note and contract; the company's compensatory damages claim was later amended to the larger amount.
