Law Offices of Louis Spitters

Wrongful termination claim ends in a win for 2 Goldman brokers

Job security is very important to most people, so many workers will do their best to retain their positions. Although there are some legal justifications to fire workers, there are also some reasons that are not justifiable. California employees who lose their jobs due to a suspected wrongful termination may choose to fight to retain their positions or seek justice for their situations.

Two brokers who previously worked as a team for Goldman Sachs Group are claiming that they were fired unjustly. One of the brokers claims that he was retaliated against because he was in the Army Reserves. Because of his participation, he had to take time off and claims that his branch manager berated him for being away. He lost his job less than a year after he went on active duty.

The team also claims that during their tenure with the company, the compensation policies changed. Allegedly, a portion of their commissions were held back as restricted stock and would be vested. The men claim that they lost their jobs before the stocks were vested and they were not given their deferred commissions. They claim that when people leave the company, they are forfeiting money that rightfully belongs to them, which is a violation of California law.

The men were awarded $7.6 million dollars for their wrongful termination suit. California employees who feel that they were fired unjustly may choose to pursue legal actions against their employers. If their cases are successful, the workers may be awarded lost wages, monetary damages and compensation for other financial losses. The employees may also be reinstated to their former positions, based upon the individual circumstances of the case.

Source: Reuters, "Goldman must pay two brokers $7.6 million for wrongful termination: panel", Suzanne Barlyn, Dec. 8, 2014

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