KT,
FYI,
newsday.com
REGULATOR SUED OVER BROKER EXAM. NASD, one of the securities industry's top regulators, was sued by Lehman Brothers Holdings Inc. employee Andrew Crabbe, who was one of 1,880 aspiring brokers wrongly told they flunked an exam needed to do business with the public. Crabbe claimed his annual bonus was slashed and reputation blemished in October when he was told by NASD he had failed the Series 7 exam, according to a suit filed yesterday in U.S. District Court in Manhattan. In January the NASD said a computer glitch caused the erroneous failures, and Crabbe was told by NASD he had passed. The suit seeks to represent all brokers affected by the glitch. NASD said the problem affected a fraction of the 60,500 tests taken from Oct. 1, 2004, to Dec. 20, 2005. Spokeswomen at NASD and Lehman Brothers declined to comment on the suit.
Regards, Don |
