Former Morgan Stanley Smith Barney LLC regional manager Gregory Torretta has won a $1 million award against the firm.
The arbitration award was released last Friday by the Financial Industry Regulatory Authority Inc.
Mr. Torretta's attorney, Marc Dobin of the Dobin Law Group PA in Jupiter, Fla., said the dispute centered on Mr. Torretta's forced resignation from the firm in September 2010.
That separation came after an underperforming branch manager whom Mr. Torretta was preparing to fire told higher-ups that Mr. Torretta was interviewing at another firm and wanted the manager to come along, Mr. Dobin said.
Those allegations weren't true, but Mr. Torretta wasn't given the chance to rebut the claim before being forced out, Mr. Dobin said.
“Greg views this [award] as vindication,” Mr. Dobin added.
"We disagree with the decision and are considering our options,” MSSB spokeswoman Christine Jockle said in a statement.
Mr. Torretta, now affiliated with Ameriprise Financial Services Inc., manages a branch office in Aventura, Fla.