Wells Fargo Advisors claimed that former representative Randall A. Fisher failed to repay the balance due on his promissory note upon termination from employment. Fisher denied the allegations and filed a counter-claim in which he alleged that he was constructively discharged.
The FINRA arbitration panel ordered Fisher to pay Wells Fargo $530,644.45 plus interest, costs, and attorneys’ fees. However, the arbitration panel also ordered Wells Fargo to pay Fisher $594,840.00 plus attorneys’ fees. The net sum is $48,172.61 owed to Wells Fargo.
Wells Fargo came up short here netting just $48,000 and walking away for slightly more than 6% of the damages the Claimant originally sought. Here, the advisers’ wrongful termination effectively negated the promissory note collection claim.
