An arbitration panel recently ruled that Wells Fargo must pay Buchanan Ingersoll & Rooney client Stifel $800,000. Buchanan’s team of attorneys, led by Joseph A. Dougherty, Managing Shareholder of the firm’s Philadelphia office, Andrew Shapren, Counsel in the firm’s Labor & Employment Section, Elizabeth Luening Long, Counsel in the firm’s Litigation Section, and Anne Kozul, Associate in the firm’s Litigation Section, successfully defended Wells Fargo’s claims of unfair competition, raiding, breach of fiduciary duty and related claims following Stifel’s hiring of two managers and 10 financial advisors in Carlsbad and Escondido, Calif.
“These arbitration proceedings have certainly developed their own history at this point,” explains Dougherty in the OnWallStreet article. “Stifel thinks that the arbitration panels are pretty clear as to how they feel [with regard] to the merits of these cases.”
Two cases filed by Wells Fargo are still pending, as a third case filed last year in Indiana that arose after stifle filed its own claim. The rest have been dropped or denied by arbitration panels, Dougherty told Investment News.
Read the full OnWallStreet article – “Stifel Wins Major Battle Over Wells in Raiding Case” (OnWallStreet, April 24, 2013)
Read the full Investment News article - "Wells Thwarted in Raiding Claim" (Investment News, April 28, 2013)