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MCNULTY v. PRUDENTIAL-BACHE SECS.

December 27, 1994

MICHAEL STEPHEN McNULTY, Plaintiff, against PRUDENTIAL-BACHE SECURITIES, INC, IRA BASSIN, and ANDREW UPTON, Defendants.


The opinion of the court was delivered by: RAYMOND J. DEARIE

 DEARIE, District Judge.

 Plaintiff, Michael Stephen McNulty, brought this action against his former employer, Prudential-Bache Securities ("Prudential"), a manager of Prudential, Ira Bassin ("Bassin"), and Prudential's in-house counsel, Andrew Upton ("Upton"), alleging violations of Title VII of the Civil Rights Act of 1964, codified as amended, 42 U.S.C. § 2000e, et seq., and the Jury Systems Improvement Act ("Jurors' Act"), 28 U.S.C. § 1875. Defendants moved for dismissal of the complaint or, in the alternative, summary judgment. The motion was referred to Magistrate Judge Azrack for a report and recommendation. After the report and recommendation was issued, both plaintiff and defendants filed timely objections. After considering the report as well as the objections made to the report, the Court concludes that the defendants' motion for summary judgment should be granted on all claims.

 Factual Background

 The factual background of this dispute is detailed more fully in Magistrate Judge Joan M. Azrack's report, familiarity with which is assumed. For these purposes, the relevant facts are as follows:

 Plaintiff Michael Stephen McNulty was employed by Prudential from 1983 to April, 1989. At the commencement of his employment, McNulty, as a registered representative of the New York Stock Exchange ("NYSE"), signed a Securities Registration Form obligating him to arbitrate all disputes regarding his employment or its termination. The form provides in relevant part:

 
I agree to arbitrate any dispute, claim or controversy that may arise between me and my firm, or a customer, or any other person that is required to be arbitrated under the rules, constitutions or by-laws of the organizations with which I register.

 Securities Registration Form U-4, P 5. One of the rules to which McNulty agreed to abide by states:

 
Any controversy between a registered representative and any member or member organization arising out of the employment or termination of employment of such registered representative by and with such member or member organization shall be settled by arbitration at the instance of any such party. . . .

 NYSE, Rule 347.

 A dispute arose in 1988 when McNulty suffered a reduction in pay and was demoted from a Level I sales producer to a Level II sales producer. Prudential alleges that the demotion was due to McNulty's failure to meet the annual production quota for Level I producers. McNulty's production for 1988 was $ 108,971, while the production quota was $ 125,000. McNulty, although conceding that he did not meet the production quota, attributes his failure to meet the quota to the fact that he missed 13 days of work when he served on a federal grand jury.

 McNulty filed an action with NYSE for binding arbitration of his claims against the defendants. At arbitration, where McNulty was represented by counsel, the panel of three arbitrators unanimously rejected his claims. McNulty then turned to the federal courts for relief and filed this suit alleging employment discrimination in violation of Title VII of the Civil Rights Act as well as violation of the Jurors' Act.

 Defendants moved to dismiss the complaint and for summary judgment, primarily asserting that McNulty was bound by the arbitrators' decision denying him relief. Defendants' motion for summary judgment was referred to Magistrate Judge Azrack for a report and recommendation. Magistrate Judge Azrack recommended dismissing all claims except the Jurors' Act claim. Defendants filed objections to that portion of the report denying their motion for summary judgment. This Court, reviewing the issue de ...


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