Facts

Wells Fargo Advisors LLC filed a claim against Rex Ramsey. Ramsey, in turn, filed a counter-claim against WFA. The causes of action relate to a Note Ramsey executed while employed with Wells Fargo.

CLAIMANT/COUNTER-RESPONDENT’S CONTENTIONS: Wells Fargo asserted a cause of action for breach of promissory note dated Nov. 18, 2011. Wells Fargo denied respondent/counter-claimant’s allegations.

RESPONDENT/COUNTER-CLAIMANT’S CONTENTIONS: Ramsey denied the allegations and asserted various affirmative defenses. In his counter-claim, he asserted causes of action for fraud and deceit; breach of oral contract; discrimination and unlawful employment practices based on physical disability; discrimination based on denial of reasonable accommodation regarding physical disability; discrimination based on refusal to engage in the interactive process; and breach of the implied-in-fact contract of employment (wrongful termination).

Damages

Wells Fargo sought the principal balance of $68,016 plus interest, cost of collection, attorney fees, and other relief. Ramsey sought general, special, and punitive damages as well as attorney fees and costs.

Result

The parties ultimately reached a confidential settlement. Thereafter, the FINRA Panel entered an award finding Ramsey liable to Wells Fargo in the amount of $34,800, subject to offsets. Among other things, it also dismissed Wells Fargo’s claim without prejudice and Ramsey’s counter-claim with prejudice.

Other Information

ARBITRATORS: Nancy J. Spieczny, Annette Gres Shepherd, Joseph L. Hagan.