A former employee of Merrill Lynch, Pierce, Fenner & Smith will have to pay the securities brokerage firm over $200,000, plus interest, now that a federal judge has upheld an arbitration award.
Just over $80,000 of the total figure—$234,000—is for attorney fees. James Milnes, the former employee who had been a financial adviser in the company’s Philadelphia office, will also have to cover the attorney fees for the company’s defense of the arbitration award after Milnes asked the U.S. District Court for the Eastern District of Pennsylvania to vacate it. Those fees are yet to be determined.
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