By Joe Rauch
CHARLOTTE, N.C., March 18 (Reuters) - Wells Fargo & Co's brokerage arm wants a U.S. court to stop Raymond James Financial Inc from sealing documents in an ongoing fight over a broker recruiting battle.
Raymond James is seeking to void a $12 million arbitration panel ruling made against it earlier this year.
Wells Fargo Advisers LLC's on Tuesday asked a U.S. District Court judge in Tampa, Florida, not seal some of the supporting documents Raymond James has filed in the case. Wells wants exhibits that do not include confidential information open for public review.
The filing is the latest step in a dispute between the two U.S. brokerages over an unexpectedly large securities arbitration panel judgment in February.
Wells is asking that affidavits from Raymond James' witnesses remain accessible to the public.
'Raymond James has chosen to publicly accuse Wells Fargo of fraudulent conduct. Thus it should properly be held accountable in an open and honest way regarding those allegations,' Wells Fargo's filing stated.
Wells has called the accusations 'meritless' in its court filings.
Wells' lawyers were not immediately available for comment, and a company spokesman declined to comment.
A Raymond James spokeswoman also declined to comment.
A Financial Industry Regulatory Authority, or FINRA, arbitration panel ruled on Feb 1 that Raymond James unfairly poached 20 advisers from four A.G. Edwards branches -- now part of Wells Fargo Advisers. The panel ordered the St. Petersburg, Florida-based brokerage to pay $12 million compensatory damages and other fees.
The penalty forced Raymond James to reduce its previously reported fiscal first-quarter earnings down by roughly 12 percent.
Later in February, Raymond James sued to have the panel's decision vacated, alleging Wells Fargo withheld documents during the arbitration case that could have exonerated the firm.
The case is Raymond James & Associates Inc v. Wells Fargo Advisers LLC, U.S. District Court, Middle District of Florida, No. 10-00512.
(Reporting by Joe Rauch)
((joe.rauch@thomsonreuters.com; +1 704 692 5885; Reuters Messaging: joe.rauch.reuters.com@reuters.net ) Keywords: WELLSFARGO/RAYMONDJAMES
COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
CHARLOTTE, N.C., March 18 (Reuters) - Wells Fargo & Co's brokerage arm wants a U.S. court to stop Raymond James Financial Inc from sealing documents in an ongoing fight over a broker recruiting battle.
Raymond James is seeking to void a $12 million arbitration panel ruling made against it earlier this year.
Wells Fargo Advisers LLC's on Tuesday asked a U.S. District Court judge in Tampa, Florida, not seal some of the supporting documents Raymond James has filed in the case. Wells wants exhibits that do not include confidential information open for public review.
The filing is the latest step in a dispute between the two U.S. brokerages over an unexpectedly large securities arbitration panel judgment in February.
Wells is asking that affidavits from Raymond James' witnesses remain accessible to the public.
'Raymond James has chosen to publicly accuse Wells Fargo of fraudulent conduct. Thus it should properly be held accountable in an open and honest way regarding those allegations,' Wells Fargo's filing stated.
Wells has called the accusations 'meritless' in its court filings.
Wells' lawyers were not immediately available for comment, and a company spokesman declined to comment.
A Raymond James spokeswoman also declined to comment.
A Financial Industry Regulatory Authority, or FINRA, arbitration panel ruled on Feb 1 that Raymond James unfairly poached 20 advisers from four A.G. Edwards branches -- now part of Wells Fargo Advisers. The panel ordered the St. Petersburg, Florida-based brokerage to pay $12 million compensatory damages and other fees.
The penalty forced Raymond James to reduce its previously reported fiscal first-quarter earnings down by roughly 12 percent.
Later in February, Raymond James sued to have the panel's decision vacated, alleging Wells Fargo withheld documents during the arbitration case that could have exonerated the firm.
The case is Raymond James & Associates Inc v. Wells Fargo Advisers LLC, U.S. District Court, Middle District of Florida, No. 10-00512.
(Reporting by Joe Rauch)
((joe.rauch@thomsonreuters.com; +1 704 692 5885; Reuters Messaging: joe.rauch.reuters.com@reuters.net ) Keywords: WELLSFARGO/RAYMONDJAMES
COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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