Arbitration

Their attorney said he would instead file claims in arbitration.

The spat between the firms started when the regional BD recruited a group of advisers who collectively oversaw about $1.1 billion in client assets.

A husband and wife alleged they were advised to cash out nearly $1 million of their pension money for risky investments, according to their lawyer in FINRA arbitration.

The adviser had been employed with the firm for seven years prior to her dismissal, and had no disclosures on her BrokerCheck record.

Lawyers have filed FINRA arbitration claims alleging the bank deprived them of their bonuses.

"I lose years of my life. They can settle, write a check and move on," says an adviser whose book of business dropped by $40 million after he alleges he was wrongfully terminated.

The team accused the firm of preventing them from properly conducting business with their clients, a charge that a FINRA arbitration panel rejected.

Arbitrators also rejected the former adviser's counterclaims for $51 million in damages.

The firm also asked for the suits filed in federal court to be thrown out.

The former broker is accused of making false claims about his client list at Stifel to earn a compensation advance from another firm.