Wells Fargo Advisors Wins $23M in Baird Raiding Case
By Janet Levaux, January 17, 2017 ThinkAdvisor A Financial Industry Regulatory Authority panel says Baird must pay Wells Fargo Advisors over $23 million for alleged “raiding” of staff at a branch office in Wichita, Kansas. FINRA arbitrators said Friday that Wells Fargo is responsible for nearly $11 million in compensatory damages, some $11 million in punitive damages, and about $1.5 million in costs. It denied Baird’s counterclaim. In addition, several Baird employees are required to pay the firm the following damages plus interest: Donald Barry, about $543,000; Jill Docking, close to $181,00; Brian Docking, roughly $161,000; and Kevin McWhorter, about $115,000. “We strongly disagree with what is asserted in this situation and with the findings, and are extremely disappointed in the size of the award,” said Baird spokesperson John Rumpf in a statement. Wells Fargo...