Daniel Scotto was head of investment grade research for utilities at the bank and was ranked No 1 by Institutional Investor magazine for nine years in the investment grade sector between 1989 and 1998.
Scotto has taken his case to the NASD Dispute Resolution Inc., the arbitration panel for Wall Street brokers and securities dealers.
BNP Paribas issued a statement to Reuters which said that: 'BNP Paribas' personnel issues with Mr Scotto arose from longstanding deficiencies in his performance as a manager and were unrelated to any research recommendations he made.'
The bank intends to defend the action.
Reuters reports that an ex-analyst with BNP Paribas is seeking compensation of $100m, claiming that the French bank sacked him as he instructed clients to sell bonds in failed energy giant Enron.
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