Law360, New York (February 17, 2012, 2:21 PM ET) -- Wachovia Securities LLC must pay $1.1 million in attorneys' fees and costs for launching a frivolous arbitration against four ex-Wachovia financial advisers who went to work for competitor Stifel Nicolaus & Co., the Fourth Circuit affirmed Thursday.
In affirming a district court's refusal to vacate the arbitration award, the Fourth Circuit rejected Wachovia's argument that the arbitrators had displayed “manifest disregard” for South Carolina law by declining to hold a separate hearing on the fee issue, as the law requires.
“[W]e find that the panel was...
Wachovia Owes Ex-Workers $1M In Raiding Fight: 4th Circ.
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