76-Year-Old Broker Sues Investment Bank for $5 Million for Age Discrimination

Employers used to seek out employees who would remain loyal for years, giving out small tokens of appreciation like desk clocks and watches after each major work anniversary. That is no longer the case at a major U.S. investment bank where the employer fired a broker after 49 years of service and bringing in more than $450 million in assets. The bank alleged that the former broker failed to adhere to the bank’s standards.

The former broker, age 76, alleged that the bank fired him to take his massive client list and hand it over to multiple younger brokers, which resulted in the bank making higher profits. As a result, the broker is fighting back. He filed a lawsuit against his former employer seeking $5 million in damages.

Does California Law Prohibit Age Discrimination?

Yes. According to the Age Discrimination in Employment Act (ADEA), all states, including California, are prohibited from discriminating based on age. Specifically, the ADEA prohibits California employers from discriminating against an employee and affecting the employee’s:

• Pay
• Employment terms
• Employment conditions
• Privileges of employment

What Kind of Damages Is a Discriminated Employee Entitled to in California?

Generally, if an employee is discriminated against because of their age, they may seek the following damages against their employer:

• Backpay
• Future pay
• Liquidated damages (if the employee’s actions were willful)
• Attorney’s fees

In addition to the damages a discriminated against is entitled to under the federal law, California law allows employees discriminated against to collect emotional distress and punitive damages.

Interestingly, the ADEA does not allow winning defendants (employers) to collect attorney’s fees.

How Does an Employee File an Age Discrimination Lawsuit in California?

An employee should always consult with an employment lawyer before filing a claim because there are often certain facts that will need to be emphasized and other personal conflicts that may need to be omitted. That said, prior to filing a legal complaint in Court, the employee must exhaust his or her administrative remedies, which requires filing a complaint and obtaining a right to sue letter from the Department of Fair Employment and Housing (DFEH) and the Equal Employment Opportunity Commission (EEOC). The Department of Fair Employment and Housing (DFEH) enforces California law and applies to any employer with at least five employees. The Equal Employment Opportunity Commission (EEOC) applies to employers with fifteen or more employees.

Feel You’ve Been Discriminated Against Because of Your Age? Call Azadian Law Group, PC

If you feel that your employer has discriminated against or terminated due to your age, you should call Azadian Law Group, PC. Our Los Angeles employment lawyers have many years of experience with age discrimination issues and can make sure you are not denied your rights.

We invite you to call 213-229-9031 today for a free consultation regarding seeking justice for being discriminated against due to your age.

For more information, please visit our age discrimination page.