PNC Ordered to Pay Ex-Broker $1.8 Mln Over Wrongful Termination
Claimant: Adrienne M. Mennemeyer
Respondent: PNC Investments
Nature of Dispute: Associated Person vs. Member
Overview of Allegations: Mennemeyer alleged that PNC Investments improperly terminated her and reported false information on its Form U5 filing pertaining to claimant.
Damages Requested: Claimant requested total compensatory damages to be proven at hearing in addition to costs and expungement of the termination.
Result: PNC Investments is liable to Mennemeyer for $300,000 in compensatory damages and $1.5 million in punitive damages. The panel also recommends the expungement of Mennemeyer’s Form U5 and that the termination explanation be changed to state: “Adrienne M. Mennemeyer was wrongfully discharged based on an allegation that she had violated PNC Investments policy. PNC Investments failed to produce any evidence whatsoever that Adrienne M. Mennemeyer had violated any PNC Investments policy. Adrienne M. Mennemeyer’s discharge was pre-textual, arbitrary and unreasonable. Adrienne M. Mennemeyer, at all times, acted in a manner public policy would encourage.”