Wells Fargo Must Cover FINRA Penalty, Suit Says

Law360, New York (October 17, 2013, 5:55 PM EDT) -- A capital management firm accused Wells Fargo Insurance Services USA Inc. in Florida state court Tuesday of negligently brokering deals to procure professional liability insurance, leaving it on the hook to pay $1.7 million as part of a Financial Industry Regulatory Authority judgment.

JHS Capital Advisors LLC says Wells Fargo procured two securities broker-dealer professional liability insurance policies for JHS with Westchester Surplus Lines Insurance Co., but Westchester now refuses to pay for the defense of three legal claims and the FINRA judgment, which includes nearly...
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