Former broker wins $1.8 million arbitration award against PNC Investments for wrongful firing, defamation

Finra panel determined that the allegations against her had nothing to do with the securities business

Apr 19, 2017 @ 5:14 pm

By Mark Schoeff Jr.

A former broker won an $1.8 million arbitration award against PNC Investments in a dispute over her termination from the firm.

The Financial Industry Regulatory Authority Inc. arbitration panel in an April 18 decision gave Adrienne M. Mennemeyer $1.5 million in punitive damages and $300,000 in compensatory damages stemming from her December 2013 termination.

In a notice posted in her BrokerCheck profile, PNC said that Ms. Mennemeyer was "terminated for dishonesty and a violation of PNC Bank policy" after she closed a pending checking account application and resubmitted it to "avoid further internal risk review of the application." It said that no securities or securities customers were involved in the matter.

In her response on BrokerCheck, Ms. Mennemeyer countered that she did not act dishonestly.

The arbitration panel agreed and held that the termination explanation would be edited to read: "PNC Investments failed to produce any evidence whatsoever that Adrienne M. Mennemeyer had violated any PNC Investments policy. [Her] discharge was pre-textual, arbitrary and unreasonable. [She], at all times, acted in a manner public policy would encourage."

Marcey Zwiebel, director of corporate public relations at PNC Bank, said that the firm does not comment on legal or arbitration matters. The arbitration award indicates that PNC Investments denied Ms. Mennemeyer's allegations.

A lawyer for Ms. Mennemeyer did not return a call.

Ms. Mennemeyer, who is no longer registered with Finra, filed the case on Dec. 3, 2015. There were 12 hearing sessions between Feb. 10 and April 7 of this year.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

INTV

Surprises when reporting on Morningstar

Assistant managing editor Susan Kelly speaks with senior columnist John Waggoner about the interesting discoveries he found in speaking with the analytics giant.

Latest news & opinion

Morningstar evolving well beyond its origins analyzing mutual funds

Led by CEO Kunal Kapoor, firm is moving way past ratings — and financial advisers are paying close attention.

Focus Financial IPO could be a sell signal for RIAs

The $100 million stock offering will fine-tune RIA valuations.

Ex-Edward Jones broker sues former firm, alleging racial bias

Complaint alleges the firm's policies limit African-Americans' 'income and advancement opportunities'

RIA in a Box acquired by private equity firm Aquiline Capital

New owners plan more growth for the software service provider.

IBDs with the most female reps

Here are the 10 independent-broker dealers that have the most female reps.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print