A top Morgan Stanley broker in California, Brett Grimes, was ordered to pay UBS broker Michael Sexton $300,000 in compensatory damages (plus 10% annual interest until the damages are paid in full), and also $100,000 in civil punitive damages. The three-person, Financial Industry Regulatory Authority (FINRA) arbitration panel also decided to permanently enjoin and restrain Grimes from making any false and disparaging comments, written or verbal, of any kind regarding Sexton and his family, after Sexton claimed that Grimes, his former partner, along with Morgan Stanley, “interfered with his business and economic relations, libeled him, intentionally inflicted emotional distress on him and his family, and besmirched his reputation.” The two previously worked together at UBS in Santa Barbara, California between 1990 and 2008. Sexton settled his claim of vicarious liability against Morgan Stanley in November.
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