HSW Secures $8.7 Million FINRA Award for Former Credit Suisse Executive Paul Galietto

March 10, 2026

Harris St. Laurent & Wechsler LLP secured an $8.7 million FINRA arbitration award for former Credit Suisse executive Paul Galietto in a dispute stemming from the bank’s losses from the collapse of Archegos Capital Management. The HSW team included partners Steven Eckhaus, Megan Dubatowka and Daniel Grossman. 

Galietto, Credit Suisse’s former head of equities and co-head of global trading solutions, was among several senior executives terminated after the bank incurred approximately $5.5 billion in losses following Archegos’s failure in 2021.

After an eight-day evidentiary hearing in New York, a FINRA arbitration panel found that Credit Suisse and UBS Group AG acted in bad faith when they relied on an investigative report “that was not independently produced to cancel claimant’s deferred compensation.” The panel also dismissed the respondents’ counterclaims seeking to claw back the entirety of a 2020 cash bonus of $825,000. UBS acquired Credit Suisse in 2023 and was therefore required to participate in the arbitration.

“HSW’s level of commitment to my case over many years was exceptional,” Galietto said. “A claimant going up against a large bank is inherently uncomfortable. The resources they can deploy are way beyond an individual’s capacity. Despite the resource disparity, I never felt that we were outgunned. My team was quick, sharp and effective.”

“The award is a complete victory,” said Dubatowka, who first-chaired the hearing with Grossman. “The evidence showed that Paul Galietto was a remarkable leader during the Archegos crisis and did not deserve the bank’s very public scapegoating.”