Former Touchstone Executive Wins $1.2M in Wrongful Termination Arbitration

In a landmark FINRA arbitration victory, Laurence M. Landsman, a partner at Landsman Saldinger Carroll, PLLC, secured nearly $1.2 million in damages for former Touchstone Securities executive Steven Seid, who was wrongfully terminated in December 2024. The award, issued on June 3, 2026, includes $838,216 in compensatory damages for wrongful termination and tortious interference, $256,000 for lost compensation from a thwarted opportunity with T. Rowe Price, $100,000 in punitive damages, and reimbursement of FINRA filing fees. Additionally, the panel ordered the complete expungement of defamatory termination disclosures from Seid's regulatory record, changing the reason for termination to 'Voluntary' and removing all references from his CRD record.

The three-arbitrator panel found that Touchstone Securities failed to conduct an adequate investigation before terminating Seid and acted with 'deliberately malicious intent.' Seid, who spent 15 years at Touchstone, was terminated just days before his planned departure to another firm, based on false allegations of trade secret misappropriation. The panel dismissed all counterclaims by Touchstone. 'The FINRA panel's decision represents a complete vindication of Steven Seid,' said Landsman, emphasizing the devastating impact false disclosures can have on financial professionals. The case, Steven Seid v. Touchstone Securities, Inc., underscores the importance of accurate regulatory filings in the securities industry.

Landsman Saldinger Carroll, PLLC, a firm specializing in FINRA arbitrations, employment disputes, and expungement proceedings, represented Seid throughout the arbitration. The victory highlights the firm's expertise in defending financial advisors against wrongful termination and defamatory disclosures. As the securities industry relies on accurate disclosures, this case serves as a warning to firms that false allegations can lead to substantial damages and punitive measures.