Facts

[REDACTED] and James Wong filed a claim against Wells Fargo Advisors LLC. The action was consolidated with the lawsuit Wells Fargo separately filed against each claimant. The actions relate to claimants' former employment with Wells Fargo.

CLAIMANTS/CROSS-RESPONDENTS' CONTENTIONS: Claimants asserted causes of action for violation of federal and state employment laws; breach of the covenant of good faith and fair dealing; wrongful termination in violation of public policy (constructive termination); negligent supervision; interference with prospective economic advantage; violatino of California Business and Professional Code Sections 17200 et seq.; violation of FINRA Rule 2010 (standards of commercial honor and principles of trade); and restitution (unjust enrichment). Claimants denied respondent/cross-claimants' allegations and asserted various affirmative defenses. Claimants asserted an additional cause of action for violation of state privacy laws.

RESPONDENT/CROSS-CLAIMANT'S CONTENTIONS: Wells Fargo asserted causes of action for breach of certain promissory notes.

Damages

Wells Fargo sought $128,330 and $123,075 plus interest against [REDACTED]. Wells Fargo sought $518,995 plus interest against Wong. Wells Fargo also sought costs and other relief.

Result

The FINRA Panel found [REDACTED] liable to Wells Fargo in the amount of $293,531 less any amount already paid and Wong liable to Wells Fargo in the amount of $639,500 less any amount already paid all pursuant to the parties' settlement agreement.

Other Information

ARBITRATORS: Anita Rae Shapiro, presiding chairperson; David Martin Achterkirchen; John Burritt McArthur.