Christopher Zigmund Barra and Luis Miguel Sampedro likely have $7.5 million coming their way.
Goldman Sachs Group Inc. ’s brokerage unit has to pay two former financial advisers more than $7.5 million for wrongly firing them and withholding their bonuses, an arbitration panel has ruled. Christopher Zigmund Barra and Luis Miguel Sampedro, who worked together at Goldman Sachs & Co. in California, said they were sacked as a team in 2007 because Mr. Barra spent time away from Goldman to serve in the military. Messrs. Barra and Sampedro now work at UBS AG’s wealth-management business in Los Angeles. But after they were dismissed from Goldman Sachs, they lost about 40% of the $600 million in assets they had managed, according to their lawyer, Rogge Dunn. A Financial Industry Regulatory Authority Inc. arbitration panel last week awarded them $5.2 million in compensation with interest. The panel also ordered Goldman to pay the two men $2 million in punitive damages plus interest, and $300,000 in legal fees. In addition, the panel awarded Mr. Barra $100,000 plus interest for violating the Uniformed Services Employment and Re-Employment Rights Act.