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Alice Finn Wins Arbitration Against Former Partner Roy Ballentine and Minority Shareholders of Ballentine, Finn and Company, Inc.
BOSTON, MA -- November 19, 2009 - An American Arbitration Association panel of three arbitrators unanimously ruled in favor of Alice Finn, co-founder of Ballentine, Finn and Company, that Roy Ballentine and the minority shareholders were jointly and severally liable for breaching both their fiduciary duties and the Company's Shareholder Agreement.
The arbitrators, including retired Massachusetts and New Hampshire judges, concluded that the actions of the defendants "rather than legitimate business decisions," were based on selfish motives. Ms. Finn was awarded the full value of her shares and substantial additional damages.
Alice Finn co-founded the company and was an equal partner with Roy Ballentine for more than a decade, building Ballentine, Finn and Company into a premier wealth management firm. The company was widely recognized as a top firm in the industry, including being named by Bloomberg Wealth Manager as the number one wealth management firm in 2005 and by Schwab as a "Best Managed Firm" in 2007. In 2007, Ballentine, Finn and Company had its most successful year ever, including revenue growth and profits. In August 2007, Barron's featured Alice Finn of Ballentine, Finn and Company as "The Giant" in its inaugural list of the Top 100 Independent Wealth Advisors. The defendants' conduct that caused Ms. Finn's departure and led to the arbitration occurred at the end of 2007 and the beginning of 2008.
Ms. Finn thanks her attorneys, Tom Sartory and Marshall Senterfitt of Goulston & Storrs, whose "principled approach and dedication" helped her to prevail.
Alice Finn is looking forward to working with her clients in a new endeavor in the wealth management industry.
