FINRA Panel Tosses Wachovia Raiding Claim

Law360, New York (December 22, 2009, 7:21 PM EST) -- An arbitration panel of the Financial Industry Regulatory Authority has ordered Wachovia Securities LLC to cough up $1.1 million in attorneys' fees after dismissing accusations that broker Stifel Nicolaus & Co. Inc. raided it by stealing away four former Wachovia financial advisers.

In a ruling Friday the FINRA arbitration panel denied all claims asserted by Wachovia and granted the counterclaims brought by three of the financial advisers who left Wachovia.

The award said Wachovia lodged the claim in June 2008, accusing Stifel Nicolaus of breach of...
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