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Fidelity Investments must pay a former broker nearly $500,000 in compensatory damages after he accused the firm of wrongfully terminating and defaming him. The ruling comes at a time when several brokers have successfully contested their employers’ Form U5 termination decisions.

Two of the three members of a Financial Industry Regulatory Authority panel in New York ruled in favor of Ryan Sanghak Lee, who asserted wrongful termination, defamation, tortious interference with prospective economic advantage and “spoliation/fraudulent concealment of evidence.” The dissenting panel member said Fidelity should have won the dispute and that Lee’s claims should have been dismissed in their entirety

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