A decade after a former financial adviser to Citigroup said the firm had previously cut him off from its stock allocation system, he has received retaliation in the form of a FINRA arbitration award.
Erin Ann Daly received an award of more than $1.4 million from Citigroup Global Markets and other Citi entities for damages and interest and attorneys’ fees – along with disclosure of her U5 termination disclosure – according to the New York Panel government On June 24, the company violated the section of the Civil Rights Act that prohibits discrimination in the workplace. The award also made the city liable for violations of its Code of Conduct and New York State laws against harassment and a hostile work environment, as well as a statute prohibiting retaliation.
“The termination notice is removed in its entirety and replaced with the following wording: ‘In a decision on Ms Daly’s allegations of gender discrimination and defamation, an arbitration panel has found that she was unlawfully dismissed. ‘” said the price. “The panel recommends removal due to the defamatory nature of the information.”
The flashy language that got Citi working for Daly’s treatment came the same day the Supreme Court ruled in Roe v. Wade to overturn a 1973 case affirming women’s right to abortion. Citi leads other megabanks as previously Agreeing to cover travel expenses Any worker who needs to cross state lines for reproductive health care. Its CEO Jane Fraser acquires American Banker Award for the most powerful woman in banking last year after first woman named chief a major US bank. However, the award offered a warning legacy of the industry as “Boys Club,” as stated in Daly’s lawsuit. Till date, less than a quarter There are women among the planners.
However, the company still denies Daly’s allegations. It can seek to overturn the decision in court, where it must seek confirmation of the arbitral award and the company has little chance of overturning the decision.
“As we have maintained for the past six years, we do not believe that Ms Daly’s claims are substantiated,” spokeswoman Danielle Romero-Epsilos said in a statement. “We do not agree with this decision and will evaluate our options.”
Daly’s attorney did not immediately respond to a request for comment on the decision. He has not been registered with any company since 2014 and earlier filed A federal lawsuit in 2016 just to get it ordered After two years in FINRA arbitration
She alleged in her lawsuit that her promising career start, which included achievements such as the 2012 CEO Award for Excellence, went through the proverbial glass ceiling. According to the lawsuit, he discovered in June 2012 that his entire identity had been removed thanks to Citi Private Bank’s stock allocation system. The lawsuit alleges that Citi “deliberately” prevented Daly from regaining her functionality “because she’s a woman.” When she reported the behavior, she learned that the only way she could keep her job, according to the lawsuit, was if she apologized. The lawsuit states that she then became a “secretary of fame.” She claimed that the company fired her after a report from a supervisor who “constantly harassed” her to “protect inside information so she could pass the information on to her preferred clients,” according to the lawsuit.
According to the lawsuit, “This exclusion from his job resulted in a loss of opportunity and is a consequence of the city’s ‘Boys Club’ policies and practices, which underscore a culture of gender discrimination.” Women at desks from the stock allocation or even through the full ‘book’ which the parties involved can consult their respective interests, and finally the detailed and summarized description The allocation. Any deal. This systematic exclusion of women from any real function results in less customer contact, opportunities for advancement and compartmentalization into service, administrative and secretarial roles for women.”
Three years after a federal judge granted Citi’s request for enforcement of arbitration and dismissed its whistleblower complaint in 2018, Daly filed a request for arbitration against the firm. The original April 2021 lawsuit included charges of retaliation under the Civil Rights Act, violating Dodd-Frank’s whistleblower protections and “blacklisting” or interfering with a potential employment relationship. Those lawsuits were dismissed last April by a three-person panel that returned a partial ruling in favor of Citi’s proposal to drop the entire case. In the lawsuit, she sought compensation for lost earnings, double pay, “mental pain, loss of dignity, humiliation and loss of livelihood,” among other things.
Citi denied the allegations and asked the panel to order Daly to pay “reasonable costs and expenses incurred in defending this case.” In an apparent hearing last month, Daly was fined $200 after arbitrators ruled that he had attempted to produce additional documents “that resulted in an unnecessary working session.”
In almost every possible way, he unanimously chose Daly. The award comes with a 3.25% equity interest and New York State human rights law attorney fees of $42,000. In addition, the panel approved the deletion of the December 2014 notice of termination filed on the Daily’s Form U5. Daly can now remove the statements from his permanent file after forwarding a copy of the award to FINRA’s Certifications, Registration, Education and Disclosure Division for review. The 2016 lawsuit cited the language it believed the firm had used to explain its dismissal.
At the time, the company claimed there were “concerns about tardiness and disobedience regarding working hours; Concerns about an isolated incident in which the representative disclosed confidential information about a proposed offering to an employee without notice.” Obtaining and obtaining appropriate approval within the company, although such information and pre-approval were required by company policy; and are concerned about the representatives’ responses to certain specific questions.”
According to the lawsuit, the company’s behavior towards him essentially ended Daly’s career.
“Citi’s intentionally discriminatory actions against Erin because she is a woman, direct customer contact and interactions marginalize and reduce her business opportunity to zero,” the lawsuit reads. “City intentionally excluded Erin from her normal business duties, and her exclusion from meetings with upper management brought her into disrepute with her colleagues and her clients, and ultimately ruined her professional career.”
In bitter irony, Daly City and Smith joined Barneys, a company that had become notorious more than 25 years ago.Boom Boom Room“Sue and a Scar” Book According to the lawsuit, dubbed “Tales from the Boom-Boom Room” by journalist Susan Antilla in 2007. She later moved to Citi Personal Wealth Management and “resurfaced within Citigroup” at the private bank before being named the unit’s assistant vice president in 2010, the lawsuit says.