Gleacher & Company, Inc. (OTC Pink: GLCH) (the “Company”) announced
today that the arbitration panel hearing the claims brought by the
Company’s former principal operating subsidiary, Gleacher & Company
Securities, Inc. (“Gleacher”), against Robert W. Baird & Co. (“Baird”)
and a group of former employees arising from unfair competition,
solicitation and other conduct, among other matters, had rendered a
decision in favor of Gleacher. In accordance with the rules of the
Financial Industry Regulatory Authority (“FINRA”), the claims were
adjudicated by an independent arbitration panel.
The arbitration panel awarded Gleacher approximately $17.8 million
consisting of the following:
-
$13,000,000 (plus interest from the date of the award until the award
is paid in full) in compensatory damages against Baird
-
$4,580,486 in attorneys’ fees and consulting fees expended by Gleacher
in the matter against Baird
-
$50,000 (plus interest from the date of the award until the award is
paid in full) in compensatory damages against each of five former
employees of Gleacher.
The panel denied the counterclaims brought by certain of the former
employees against Gleacher, which sought allegedly unpaid compensation
resulting from an alleged breach of contract, among other matters.
About Gleacher & Company
Gleacher & Company, Inc. is incorporated under the laws of the State of
Delaware.
Forward-looking statements
This press release contains “forward-looking statements.” These
statements are not historical facts but instead represent the Company’s
beliefs or plans regarding future events, many of which, by their
nature, are inherently uncertain and outside of the Company’s control.
The Company’s forward-looking statements involve known and unknown
risks, uncertainties and other important factors, including the risks
and other factors identified herein, on the Company’s website and in
other public disclosures made by the Company from time to time. As a
result, the Company’s actual actions, performance or achievements or
results may differ materially from those expressed or implied by these
forward-looking statements. Although the Company believes that the
expectations reflected in any forward-looking statements are reasonable,
it cannot guarantee future events or results. Except as may be required
under federal law, the Company undertakes no obligation to update any
forward-looking statements for any reason, even if new information
becomes available or other events occur.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150617005976/en/
Copyright Business Wire 2015