Marinelli sold his Northstar stake in 2016 and joined Raymond James Associates in West Hartford, Conn. At the time of the disputed terminations, Northstar had 40 people on staff, including advisors, and about $2 billion of client assets.
“It’s rare to get such public vindication for your clients” from an arbitration panel, said David Cosgrove, of the Cosgrove Law Group in St. Louis, who represented Marinelli and Donahue.
When Marinelli was terminated, “he was disallowed from continuing on with Northstar,” Cosgrove said. “He was basically driven out of his own company.”
Donahue could not find another compliance position, he said, “so hopefully this award will allow her to get back in” if she desires.
Spokespersons for LPL were not available to comment Tuesday.