Broker Sues NASD Over Exam

Feb 17 2006 | 12:00am ET

The National Association of Securities Dealers is being sued by a Lehman Brothers employee who was one of 1,900 test taker who were wrongly told they failed their Series 7 exam.

According to a suit filed this week with the U.S. District Court in Manhattan, Andrew Crabbe said his annual bonus was cut and his reputation harmed last October when he was incorrectly told by the NASD that he had flunked the Series 7 exam.

Earlier this year the regulatory body confessed that a computer glitch caused it to inadvertently flunk 1,880 test takers who actually passed the exam. The suit aims to represent all of the brokers affected by the NASD error. 


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