Ousted CEO Wins Arbitration Ruling

The former chief executive of MassMutual Financial Group was wrongfully fired a year and a half ago and is entitled to financial compensation that could be worth as much as $50 million, according to an arbitration decision.

The decision, reached about a month ago, was made public when the Springfield, Mass.-based insurance and investment company filed an appeal in Suffolk Superior Court.

Robert J. O’Connell was fired by the company’s board in June 2005 for what it said was “a systematic and pervasive pattern of willful abuse of authority.” O’Connell denied the charges.

“We believe we have no choice but to appeal the panel’s decision because it is simply wrong and flies in the face of important public policy considerations and basic principles of ethics,” the company said in a letter to employees.