Forgivable Loan and Promissory Note Disputes
New York – Los Angeles – Miami Forgivable Loan and Promissory Note Dispute Lawyers
Brokerage firms commonly recruit registered representatives (brokers) to gain access to their books of business. Typically, brokerage firms offer up-front payments in the form of forgivable loans or promissory notes to lure brokers.
If the broker stays with the brokerage firm through the duration of the forgivable loan or promissory note, the broker is not obligated to repay the money if the broker then leaves the firm. But if the broker resigns or is terminated before the loan or note is fully forgiven, the brokerage firm generally expects the broker to pay back to unforgiven portion of the loan or promissory note. But there may be circumstances that justify your refusal to repay the outstanding portion of the loan or promissory note, including fraudulent employment law practices, false promises, wrongful termination, or breach of contract. Such circumstances could form the basis for counterclaims against the brokerage firms.
Dimond Kaplan & Rothstein, P.A. provides legal counsel to brokers and other securities professionals who are being sued or have been threatened with suit for the failure to repay forgivable loans or promissory notes. Our attorneys will provide aggressive negotiation and litigation services to brokers who involved in forgivable loan or promissory note disputes. Contact us today for a free consultation to discuss your options at 888-578-6255.