A Financial Industry Regulatory Authority (FINRA) arbitration panel in North Carolina has rejected claim of raiding and unfair competition by Wachovia Securities LLC against broker Stifel Nicolaus & Co. Inc., and ordered Wachovia to pay $1.11 million in attorneys’ fees.

In the Dec. 17 decision, Wachovia charged Stifel and four of its brokers – Frank J. Brand, Marvin Slaughter, Stephen N. Jones and George W. Stukes – with various violations of South Carolina statutes, including breach of fiduciary duty as well as raiding and unfair competition. The charges derived from the brokers’ moves to Stifel from A.G. Edwards in South Carolina, in January 2008.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.