An arbitration panel has ruled that Wells Fargo must pay Stifel $800,000 in the latest claim over alleged raiding of former A.G. Edwards advisors.
It is the sixth ruling that has been issued by a Financial Industry Regulatory Authority panel in disputes brought against Stifel by Wells Fargo. The claims arose over advisors who left from Wachovia as it was rolled into Wells Fargo in 2008 and 2009. This dispute, which originated in 2009, accuses Stifel of raiding and unfair competition; tortious interference; conversation and misappropriation of trade secrets; breach of fiduciary duty; and unlawful conspiracy related to 11 advisors from two Wells Fargo offices in Carlsbad and Escondido, Calif.
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