Wachovia Nabs Slim Win In Employee Raiding Arbitration

Law360, New York (April 3, 2012, 3:05 PM EDT) -- Wachovia Securities LLC  won a modest victory last week with its raiding claims against Stifel Nicolaus & Co. Inc., when the Financial Industry Regulatory Authority awarded Wachovia $70,000 of the $7 million it sought.

Wachovia, now owned by Wells Fargo & Co., brought the arbitration in Oklahoma in April 2009, alleging that it lost half of its Tulsa, Okla., office to Stifel Nicolaus and that the outgoing employees brought with them confidential Wachovia information, such as client lists and contacts, to their new jobs, according to...
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