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Defendant Counterclaiming for Trade Secrets Misappropriation Awarded $72,403 in Damages and $372,094 in Attorneys Fees

In Arbitration, Counterclaims, Judgments, Verdicts on November 3, 2010 at 6:34 am
Wachovia Securities
Image by Steve Rhodes via Flickr

Plaintiffs in a wrongful termination suit were denied any award after an arbitration, but one plaintiff was ordered to pay $72,403 in compensatory damages to defendant on, inter alia, misappropriation of trade secret counterclaims. Holland v. Wachovia Securities LLC, 2009 WL 7035871, 44 Trials Digest 13th 12 (S.D. Cal. Award May 18, 2009).

Background

According to court records: Plaintiff William Holland filed his Statement of Claim alleging that defendants Wachovia Securities LLC and Eugene P. Ingargiola, who was the manager of the Wachovia office where William was employed, had damaged him when they wrongfully terminated his employment on November 18, 2004.  Id. Among other things, plaintiff claimed that defendants had terminated him on account of his age and in a desire to re-assign his accounts to younger account executives whose percentage share in the revenues generated by those accounts would be less than plaintiff’s share had been. Id.

Holland’s son and co-worker, Michael W. Holland, also filed his own Statement of Claim in a separate proceeding, alleging that defendants had damaged him when his employment with Wachovia terminated very shortly after his father’s.  Id.

Wachovia counterclaimed, alleging, inter alia, that William Holland and Michael W. Holland violated the Computer Fraud and Abuse Act and misappropriated trade secrets. Id. Read the rest of this entry »

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