Brokers’ Employment Suit Backfires, Defendant Awarded $1.6 Million
A federal judge in Pennsylvania has upheld a $1.6 million arbitration award for a mortgage company that was being sued under RICO by two former brokers who sought damages of $20 million or more. The arbitrator ruled that the company owed the two brokers $317,364 for breaching the “protected territories” provision of their employment agreements, but found that the two brokers owed the company for unearned advances and for their breach of the employment contracts based on their contacts with a competitor.
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