Goldman told to pay $7.6m to wrongfully dismissed traders

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Goldman Sachs must pay $7.6m to two Los Angeles brokers who said the company wrongfully terminated them, a securities arbitration panel ruled.

Reuters reports that the brokers, Christopher Barra and Luis Sampedro, who worked as a team at Goldman for nine years until 2007, filed the case in 2010.

The award, ordered on Friday by a Financial Industry Regulatory Authority (FINRA) arbitration panel, exceeds the $7m the brokers had sought, according to the FINRA panel's decision on Friday.

Barra and Sampedro now work for a unit of UBS.

"We do not believe that the law or the record remotely supports the finding on liability or the amount of damages awarded and we are considering our options, including an appeal," a Goldman spokeswoman said.

The arbitration panel's ruling includes $2m in punitive damages, a rare type of sanction intended to punish and deter misconduct.

To access the complete Reuters article hit the link below:

Goldman must pay two brokers $7.6 million for wrongful termination: panel

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