Ex-Wells Fargo Adviser Fights $1.6M FINRA Award At 3rd Circ.

By Jeannie O'Sullivan (November 17, 2021, 4:00 PM EST) -- A former Wells Fargo Advisors LLC employee urged the Third Circuit on Wednesday to undo a $1.6 million Financial Industry Regulatory Authority arbitration award the company won in a commission dispute, citing public policy targeting illegal employment contract terms.

Even though Christopher N. Caputo won't have to repay the commission since the obligation was discharged in his bankruptcy, the arbitration award still represents an unlawful commission clawback practice triggered when employees leave the company within 10 years of earning it, a three-judge panel heard during an oral argument in Philadelphia. Caputo alleges he only left the company because he was fired without...

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