A FINRA arbitration panel has found Raymond James & Associates liable for raiding four AG Edwards branches just after it was acquired by Wachovia Securities in October 2007 and ordered Raymond James to pay $12.1 million.

As a result, parent company Raymond James Financial Inc. [RJF] has had to update its first quarter results, for the three months ending Dec. 31, to include an increase in expenses of $10.75 million, a decrease in private client group pre-tax results of $10.1 million to $32.7 million and a decrease in net income of $6 million to $42.9 million. This led to a decrease in diluted earnings per share of 4 cents per share to 35 cents per share.

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