Stockbroker Defeats Wells Fargo in Employment Dispute

Posted on January 8th, 2016 at 8:31 AM
Stockbroker Defeats Wells Fargo in Employment Dispute

From the Desk of Jim Eccleston at Eccleston Law LLC:

After leaving Wells Fargo, the new Merrill Lynch broker soon faced allegations of misappropriation of Wachovia’s confidential documents and files. The plaintiff Wells Fargo asserted six causes of action against the broker as a result of his resignation and following employment with Merrill Lynch. Two years later the plaintiff voluntarily dismissed the matter.

A year after the initial allegations were made, the Merrill Lynch broker filed claims with FINRA against Wells Fargo asserting slander per se; tortious interference with contractual relation, tortious interference with prospective business relations, malicious persecution, abuse of process, unjust enrichment, and breach of contract. The broker sought nearly $8 million in compensatory, general, and punitive damages, plus interest.

More than 8 years later, a FINRA Arbitration Panel found Wells Fargo liable for $500,000 in compensatory damages. The Panel also prohibited Wells Fargo from asserting any statement that the broker misappropriated or tampered with client files in this matter. The prohibition serves as an important victory for the broker, confirming the validity of his claims.

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today. 



Related Attorneys: James J. Eccleston

Tags: Eccleston, Eccleston Law, Eccleston Law LLC, James Eccleston, Merrill Lynch, Wells Fargo, FINRA, broker

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Hiring Eccleston Law has been one of the best career decisions I have made and this "investment" to maintain my sterling regulatory record has been returned many times over.  If you are in a situation where you've been unfairly accused, don't hesitate to talk with Eccleston Law. They are the best.

Thomas C.


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