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Terminated CSFB Junk Trader Gets Decision

Brian Rogers, a former high-yield proprietary trader at Credit Suisse First Boston who was dismissed for cause in 1998 for allegedly mismarking a series of long positions on telecom bonds, has reportedly won a National Association of Securities Dealers arbitration against his former firm. A person familiar with the case said an award in his case, Rogers v. CSFB, is currently pending. A spokeswoman at CSFB says that she is constrained from commenting on the specifics of the ruling. She says the firm views the panel's ruling as favorable to CSFB in that it did not say that CSFB either defamed Rogers, or that he was wrongfully terminated. The spokeswoman says that the firm feels it will be fully vindicated at the conclusion of the process. Rachel Glasgow, an arbitration official at the NASD, declined to comment.

The case centered on a debate over the pricing of a series of telecom high-yield bond positions held by Rogers in his proprietary trading account when he was at CSFB.

Central to the case is the role that current high-profile fixed-income chief Jack DiMaio played in applying a reinterpretation of matrix pricing to Rogers' positions.

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