Adrienne Mennemeyer won $1.8 million in an arbitration against PNC Investments over a dispute over her termination from the company. On April 18, a FINRA arbitration panel issued an award, ordering PNC to pay her $1.5 million in punitive damages and $300,000 in compensatory damages arsing from her termination in December of 2013.
On her FINRA BrokerCheck report, PNC claimed that Adrienne 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.” PNC claimed that no securities or securities customers were involved in the matter. Mennemeyer countered by stating that she “did not commit any act of dishonesty during [her] tenure at PNC” and that she “did not knowingly violate any policy of PNC.” She further claimed that the policy she was accused of violating was not even a written policy of PNC and that she believed her actions were “consistent with PNC policy.”
The FINRA arbitration panel agreed with Mennemeyer, holding that the termination explanation would be changed to state: “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.”
Mennemeyer, who is no longer registered with FINRA, filed the case on December 3, 2015. There were twelve hearing sessions between February 10 and April 7 of this year.
Have you been wrongfully terminated by your brokerage firm? We may be able to help. The Frankowski Firm has the resources and experience to handle complex litigation in state and federal courts, as well as in front of a FINRA arbitration panel. Please contact us through our contact form, or call 888.741.7503, and speak with a lawyer who can help you.