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| Francis J. McDonough v. W.H. Reaves & Co., Inc., NASD DR Case Number 06-02188 |
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W.H. Reaves & Company Inc.
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| Winston & Strawn represented investment management company W.H. Reaves & Co., Inc. in a proceeding before a Financial Institutions Regulatory Authority (FINRA) Dispute Resolution Arbitration Panel brought by the company''s former chief operating officer. The claimant sought damages based on his employment agreement, as well as an alleged oral agreement with the company''s chairman and (now former) chief executive officer, under theories of breach of contract, quantum meruit, promissory estoppel, fraud, and violation of the New Jersey Wage Payment Law. The arbitration panel heard testimony from nine fact witnesses and two expert witnesses over eight days of hearings, after which both sides submitted closing briefs and presented closing arguments. The panel issued its decision adopting all of Winston''s positions, rejecting the claimant''s claim for $40 million in compensation and equity, limiting him to a de minimis $790,000 recovery of accrued compensation. The panel also rejected the claimant''s attempt to recover attorneys'' fees and costs. |
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