Facts

Joseph Focil filed a claim against Wells Fargo Advisors LLC, in connection with his former employment with the company. Wells Fargo filed a counterclaim against Focil in connection with two notes Focil executed while in its employ.

CLAIMANT'S CONTENTIONS: Claimant asserted causes of action for expungement, defamation, breach of implied covenant of good faith and fair dealing, intentional interference with contractual relations, intentional interference with prospective economic advantage, wrongful termination, negligence, intentional infliction of emotional distress, and negligent infliction of emotional distress. Claimant also sought the expungement of his Central Registration Depository records.

RESPONDENT'S CONTENTIONS: Respondent denied the allegations and asserted various affirmative defenses. In its counterclaim, respondent accused claimant of breaching the two promissory notes executed in 2011 and 2012.

Damages

Focil sought $139,000 in punitive damages, $300,000 in emotional distress damages, $150,000 as punishment plus attorney fees. Wells Fargo sought $68,747 and $70,373, representing the principal balance due and owing under the two respective notes plus interest as well as $51,594 in attorney fees and costs.

Result

The FINRA Panel ultimately denied Focil's claims in their entirety. Nevertheless, it recommended the expungement of certain of Focil's records. It also found Focil liable to Wells Fargo for the principal balance plus interest and $34,755 in attorney fees and costs.

Other Information

ARBITRATORS: David J. Anderson, presiding chairperson; Michael R. Diliberto; Mario H. Metzger.