Friday, February 17, 2006

The Series 7 exam--it's tough enough even when it's not rigged

The NASD announced last month that it mistakenly flunked nearly 2,000 people who had taken the Series 7 exam in recent months. The details are in this post.You just knew that it would only be a matter of time before someone sued the NASD for ruining their career.

Andrew Crabbe, a Lehman Brothers (LEH) employee since May 2005, filed a lawsuit seeking class-action status against the private-sector regulatory group in federal court in Manhattan on Tuesday.
In the lawsuit, Crabbe claims he took the Series 7 exam in October and was told he had received a failing grade of 68%, short of the 70% passing grade. As a result, his job at Lehman was in jeopardy, he received a small year-end bonus and his reputation was damaged, the lawsuit claims.
This will undoubtedly become a class-action suit and, I would assume, many of the nearly 2,000 wronged test-takers will join in.

1 comment:

Jennifer Boyster said...

You have a very informative post it helps individual understand what is series 7 examination really mean about.