US investment firm DE Shaw and four of its executives must pay $52 million in defamation to former asset manager Daniel Michalow, whom it fired in 2018 for misconduct. In September 2018, the latter filed a case with the American self-regulatory agency of the financial market sector, Finra, and then demanded 600 million dollars. An independent panel convened under the auspices of FINRA found that, contrary to the group’s allegations, Daniel Michalo “Do not engage in inappropriate sexual behavior or comments”said the document discussed by AFP.
It is the largest settlement issued by Finra in a dispute between industry players, and the largest in five years, a spokesman for the organization said. This decision is binding and not subject to appeal. WELL Shaw said to himself “I am disappointed with the result of the arbitration.”. “We continue to support the decision made in 2018 that terminated Mr. Mikhalou’s employment.”“, the spokesman said in a message to AFP.
Source: Le Figaro
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