Client Issue
Cinda Collins joined Dain Rauscher, a predecessor of RBC Wealth Management, in 1992. For 27 years, Ms. Collins built a strong practice, consistently ranking among the nation’s top female advisors. Despite that success, RBC fired her in 2019 for an alleged violation of its Code of Conduct. Ms. Collins denied those allegations and maintained that the alleged violation was pretext for unlawful discrimination—specifically, an effort to force her into retirement and transition her substantial book of business to a younger advisor.
The Anthony Ostlund Approach
After her termination, Ms. Collins retained Joe Anthony and Cory Olson at Anthony Ostlund to represent her in arbitration by FINRA – the Financial Industry Regulatory Authority that regulates financial firms. AO brought an action on Ms. Collins’s behalf, alleging claims for unlawful discrimination and violation of FINRA Rule 2010, which requires all members to “observe high standards of commercial honor and just and equitable principles of trade” in the conduct of its business. As a part of the litigation process, AO uncovered evidence that Ms. Collins had been treated differently than similarly situated male advisors and that RBC had decided to terminate Ms. Collins before gathering all the facts or hearing her side of the story. AO argued that, given this evidence, Ms. Collins’s termination was discriminatory and in violation of RBC’s own policies and FINRA’s rules.
Result Achieved
After several years and delays, and a one-month hearing, the FINRA panel agreed with AO’s arguments. The FINRA panel awarded Ms. Collins $9.7 million. The award included $6 million in compensatory damages, $2 million in punitive damages, and about $1.6 million in costs and fees.