Patriotic Moments in Bank Brokerage

Wachovia ordered to pay $1M for demoting reservist:

... Michael Serricchio, 35, was a financial adviser for Prudential Securities in Stamford when he became one of the first National Guard members and reservists activated after the terrorist attacks. Wachovia acquired Prudential's brokerage division before Serricchio returned in 2003.***

Wachovia offered him a reduced position four months after he returned and told him he would have to rebuild his client base, which a jury determined in June violated a rule requiring employers to maintain positions for serviceman called away on active duty.

Judge Janet Bond Arterton of U.S. District Court in New Haven ruled Serricchio should receive about $800,000 in back pay, interest and damages. Wachovia also must pay Serricchio's court costs and fees, which his attorneys estimated to be more than $500,000.

"Even after the jury ruled in our favor, Wachovia took the position that they didn't do anything wrong, that they didn't owe him a penny in back pay," said Serricchio's attorney, David Golub.

"We are considering our options, including a possible appeal," said a Wachovia spokesman.