COWEN AND MIRICH v BANC OF AMERICA
PAYS BROKERS OVER $1.2 MILLION ARISING FROM FINRA AWARD
On December 5, 2008, Banc of America satisfied the civil judgment of over $1.2 million entered against Banc of America Investment Services, Inc. (BAIS), after a four year dispute concerning the termination of two of Nevada’s and the country’s top producers.
The brokers, Rock Mirich and Brent Cowin, through their attorneys, Kevin and Marie Mirch, accused Banc of America Investment Services, as well as some of its executives, of damaging their reputations with current and potential clients by purposely interfering with prospective business relationships, libeling and slandering them and wrongfully firing them when they were asked to leave Banc of America, a broker-dealer subsidiary of Bank of America Corp, in October of 2004.
The matter was tried before a three person FINRA Panel, who issued an award in favor of Messrs. Cowin and Mirch in excess of $1.2 million. Further, the Panel ordered that the brokers’ U-5 forms contained false and defamatory information and ordered that the language be expunged from the U-5’s, replaced with the language that the brokers were “erroneously terminated”.
Banc of America has satisfied the judgment by paying all damages awarded to Messrs. Cowin and Mirich