Jonathan Harris discusses the $61 million arbitration award he won for a hedge fund against a major international bank
New York commercial litigation attorney, Jonathan Harris, discusses how he won $61 million dollars for a hedge fund client of his against a massive international bank.
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It’s a very interesting case. We represented a gentleman out in California who was one of the inventors of the hard drive. This gentleman did very well for himself both in his business and then subsequently an investor and had invested several hundred million dollars with a major international bank. It was multiyear transaction that was designed to settle in September 2008. You may recall that Lehman Brothers collapsed in September 2008. So the market, the stock market moved over 20 percent September 2008 and the international financial institution wanted to take all of those losses caused by the 20 percent move in the market and stick it to our guy.
And we thought that was completely wrong and so we brought in an action in what’s called FINRA, which is the arbitration set up for a lot of financial lawsuits. There’s three arbitrators it’s a full hearing. The institution went out and hired a top 10-law firm. They hired the chair of that firm’s litigation department. We all flew out to California, we tired this case we had about 15 days of hearings over a couple of months. The arbitrators came back with a $61 million verdict in favor of our client basically just vindicating our client’s rights that you couldn’t take a 22 percent market meltdown and stick it on our client to the advantage of the bank.