Gleacher & Company, Inc. (OTC Pink:GLCH) (the “Company”) announced today that the arbitration panel hearing the claims brought against the Company by Messrs. Thomas Hughes and John Griff, the Company’s former Chief Executive Officer and Chief Operating Officer, respectively, had rendered a decision with respect to the claims made by these former officers relating to the termination of their employment by the Company in May 2013. In accordance with the rules of the Financial Industry Regulatory Authority (“FINRA”), these claims were adjudicated by an independent arbitration panel. The former officers had initially sought compensatory damages in an approximate amount of $7.9 million; vesting of unvested equity awards; reimbursement of legal fees; and interest on these amounts. At the hearing, Claimants requested compensatory damages in the approximate amount of $9.2 million. The arbitration panel made the following awards:
- $986,667 (plus interest) to Mr. Hughes
- $295,833 (plus interest) to Mr. Griff.