Broker Sues NASD Over Exam

Feb 17 2006 | 1:00am 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. 


In Depth

Q&A: Decathlon Capital On Revenue-Based Alternative Lending

Oct 30 2017 | 3:49pm ET

The explosion in private credit activity since the end of the financial crisis is...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Saxby: Not All EBITDA Is Created Equal

Nov 30 2017 | 8:02pm ET

Record levels of dry powder are driving competition among private equity firms to...