Congratulations to Daniel Michalow and his lawyers for their significant victory against DE Shaw. The case alleged that DE Shaw and four of its executives defamed Michalow, an ex-hedge fund managing director of the firm, by alleging that he committed sexual misconduct at work. Following a 25-day-long hearing before the Financial Industry Regulatory Authority (FINRA), the arbitration panel ruled that Michalow “did not commit sexual misconduct” and ordered the defendants to pay Michalow $52 million in compensatory damages. This is the largest ever awarded by FINRA for defamation and the largest ever to an individual employee.
Read more news about this case in the Financial Times.