(Corrects paragraph two of Aug. 3 story to say that Jorge Usandivaras had initially filed for $4.5 million, not $45 million, in compensatory damages)
Aug 3 (Reuters) - Wall Street’s industry-funded watchdog on Monday asked Deutsche Bank to pay $3 million in compensation damages to Jorge Usandivaras, the former head of its Latin American Strategic Transactions unit.
Usandivaras had initially filed for $4.5 million in compensatory damages, claiming the bank had breached his employment contract and acted in violation of U.S. labor laws.
He also claimed that Deutsche Bank had acted in contravention to the Sarbanes-Oxley Act that protects whistleblowers.
The Financial Industry Regulatory Authority (FINRA) found Deutsche Bank liable to pay damages. (bit.ly/1E4zPde)
Usandivaras joined Deutsche Bank in April 2012 as a managing director, having previously worked at Banco Itau.
Usandivaras’ LinkedIn profile shows he worked for about two years with the German bank. (Reporting by Rachel Chitra; Editing by Sriraj Kalluvila)