Credit Suissee agreed to pay the $100m in January to settle allegations that, during the tech boom, brokers forced certain customers who desired hot IPOs to pay unusually high commissions back to the firm.
Michael Grunwald was the firm's managing director of technology client services and was one of only three employees who was fired 'for their conduct' in the IPO matter. Credit Suisse did fine, suspend and transfer out other staff.
Grunwald has now filed an arbitration claim against the bank, seeking $5m in back pay, punitive damages and legal fees.
A spokesperson for Credit Suisse said that the firm believed the claim had 'no merit'.
Ex-Broker To Sue Credit Suisse
One of three San Fransisco brokers fired by Credit Suisse First Boston has now accused the bank of making him a scapegoat for practices that resulted in the firm paying a $100m to settle claims by US federal and industry regulators.
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