Welcome to Financial Advisor IQ

Credit Suisse Ordered to Pay Ex-Broker Close to $1 Million

By Alex Padalka November 9, 2018

Credit Suisse is on the hook for close to $1 million to a former broker seeking deferred pay, less than a month after it was ordered to pay back another former broker.

A Finra arbitration panel ordered the Swiss-based company to pay Nicholas Brine Finn $975,530 this week and recommended the expungement of the reason for termination submitted in Finn’s Form U5, according to an award document published by the regulator’s office of dispute resolution.

Finn has been in the industry since 1993 and joined Credit Suisse in 2008, according to his BrokerCheck profile.

He left the firm for UBS Financial Services in 2015, according to BrokerCheck, when Credit Suisse closed its U.S. private banking operations and entered into an exclusive agreement with Wells Fargo.

In 2017, Finn filed a claim accusing Credit Suisse of violating New York Labor law, breach of contract, unjust enrichment and misleading Form U5, among other issues, originally seeking monetary damages of no less than $800,000 and prejudgment interest, plus lawyers fees and other costs and other relief according to the award document.

Eventually, Finn sought compensatory damages between $975,530.75 and $1,085,789.35 plus lawyers' fees, interest and liquidated damages in a range between $2,456,122 and $2,714,346, as well as the amendment of his Form U5, Finra says.

Finn was one of several former Credit Suisse brokers filing arbitration claims after the company shuttered its U.S. brokerage business.


Last month, another Finra panel ruled in favor of a former Credit Suisse broker who left the firm for Morgan Stanley, awarding him a net of $844,621.

In that case too, however, the panel awarded the broker far less than he had sought.