Facts

Claimant Kenneth L. Van Wagenen, a 28-year financial advisor at Wells Fargo Advisors, filed suit against his former employer, respondent Wells Fargo Advisors, after he was terminated.

CLAIMANT'S CONTENTIONS:
Claimant claimed wrongful termination/breach of contract, breach of implied covenant of good faith and fair dealing, interference with prospective economic relations, unjust enrichment, and expungement/modification of U5 and related reporting. The causes of action relate to claimant's prior employment with Wells Fargo Advisors.

RESPONDENT'S CONTENTIONS:
Wells Fargo Advisors claimed the financial advisor made a series of cash withdrawals from his own account in a manner designed to avoid the filing of Cash Transaction Reports and terminated claimant.

Damages

Claimant alleged compensatory damages of $12,700,000. In closing argument, the asserted amount was reduced. In addition, claimant asked for expungement and/or modification of his U-5, the Central Registration Depository, and related reporting to correct false and/or misleading statements concerning his termination.

Result

The panel found in favor of the defense. The panel denied the request for monetary damages but granted the request for expungement of claimant's U-5, noting that the cash withdrawals were for claimant's own legitimate use.

Other Information

ARBITRATORS: Elliott David Finkel and George H. Casey. FILING DATE: Dec. 29, 2014.