Eccleston Law: For Investors. For Advisors
About
Who We Are
Testimonials
Disclaimers
Attorneys
For Advisors
Broker Transition
Transition Contract Review
Employment Matters
State Registration Problems & Discipline
FINRA Matters
Promissory Note Matters
Team/Parnership Disputes
CFP Board Matters
FINRA Enforcement Matters
State Registration Problems & Discipline
Transition Contract Review
Broker Litigation & Arbitration
Employment Matters
Regulatory Matters
Strategic Consulting
Whistleblower Law
Promissory Note Matters
Compliance Protection
Lawyer Referral Network
Expungement of CRD/BrokerCheck Disclosures
For Investors
Securities Fraud
Breach of Fiduciary Duty
Retirement Planning Negligence
Unauthorized Trading
Lawyer Referral Network
FAQs
News & Articles
News
Articles
Financial Counsel Blog
Videos
Newsletter Signup
Contact
Site Menu
About
Who We Are
Testimonials
Disclaimers
Attorneys
For Advisors
For Advisors: Overview
Broker Transition
Broker Transition Overview
Transition Contract Review
Employment Matters
State Registration Problems & Discipline
FINRA Matters
Promissory Note Matters
Team/Parnership Disputes
CFP Board Matters
FINRA Enforcement Matters
State Registration Problems & Discipline
Transition Contract Review
Broker Litigation & Arbitration
Employment Matters
Regulatory Matters
Strategic Consulting
Whistleblower Law
Promissory Note Matters
Compliance Protection
Lawyer Referral Network
Expungement of CRD/BrokerCheck Disclosures
For Investors
For Investors: Overview
Securities Fraud
Breach of Fiduciary Duty
Retirement Planning Negligence
Unauthorized Trading
Lawyer Referral Network
FAQs
News & Articles
News
Articles
Financial Counsel Blog
Videos
Newsletter Signup
Contact

Wells Fargo Ordered to Pay a Former Broker $180,000

Posted on December 23rd, 2016 at 9:14 AM
Wells Fargo Ordered to Pay a Former Broker $180,000

From the Desk of Jim Eccleston at Eccleston Law LLC:

A panel of FINRA arbitrators has ordered Wells Fargo to pay a former rep named Shannon M. Powers damages stemming from a counterclaim in which she asserted breach of contract, disability discrimination, failure to accommodate, failure to prevent discrimination and retaliation in violation of California law.

Notably, Wells Fargo had initiated the action against her, asserting that she failed to pay the balance of two promissory notes worth $200,489.02 which Wells Fargo argued became due and payable upon the termination of her employment with Wells Fargo.

Powers denied the claim and brought a counterclaim. She requested compensation for damages from loss of earnings and employee benefits. She also requested reinstatement, injunctive relief, general damages, special damages, attorneys’ fees, interest and punitive damages.

In its decision, the panel determined that Wells Fargo was liable to pay Powers $256,000 in compensatory damages and lost wages, $100,000 for attorneys’ fees and $25,000 for emotional distress. However, the panel also found that Powers was liable to pay Wells Fargo a total of $200,467.93 for the two outstanding promissory notes.  Therefore, the award came out with a net result where Wells Fargo was liable to pay Powers $180,532.07. 

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of securities for financial advisors including broker litigation & arbitration, transition contract review, employment matters, FINRA defense , and much more. 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, Wells Fargo, FINRA, Shannon M Powers, counterclaim, breach of contract, disability discrimination, failure to accommodate, California law, compensation, reinstatement, injunctive relief, g

Share

Return to Archive

Latest Articles
SEC Sues Morningstar Over Undisclosed Changes to Bond Ratings
February 24th, 2021 at 3:37 PM
J.P. Morgan Advisor Sued Over Client Solicitations and Transfers
February 23rd, 2021 at 2:45 PM
Read More »
Latest News
CFP Board is the New Sheriff and it Is Not Your Friend
October 24th, 2020 at 10:04 AM
Defending Against a Customer Complaint First Requires Selecting Correct Legal Counsel
October 15th, 2020 at 10:02 AM
Read More »
Share

Request a Free Consultation

Attorneys are standing by during regular business hours. Call us now for immediate service, or complete the form below and we will contact you as soon as possible.

Your E-mail Address:
 
Chicago
55 West Monroe St.
Suite 610
Chicago, Illinois 60603
(312) 332-0000
(312) 332-0003
New York City
One Liberty Plaza
165 Broadway, 23rd Floor
New York, New York 10006
(312) 332-0000
(312) 332-0003
Boca Raton
2255 Glades Road
Suite 324A
Boca Raton, Florida 33431
(312) 332-0000
(312) 332-0003
2021 © Eccleston Law, LLC.
All Rights Reserved.
The law is continuously changing. Please do not rely on information found on this site without consulting a lawyer to determine if any recent changes in the law may have an impact.