{"id":919,"date":"2011-07-25T19:09:32","date_gmt":"2011-07-25T19:09:32","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2011\/07\/75k_finra_arbitration_award_ag"},"modified":"2022-03-09T16:07:06","modified_gmt":"2022-03-09T22:07:06","slug":"75k-finra-arbitration-award-ag","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/75k-finra-arbitration-award-ag\/","title":{"rendered":"$75K FINRA Arbitration Award Against Wells Fargo Advisors LLC For Defaming an Ex-Employee in Form U-5 is Confirmed by District Court"},"content":{"rendered":"<p>In district court, Judge Samuel Conti has confirmed a Financial Industry Regulatory Authority panel&#8217;s $75,000 arbitration award to Kenneth Schaffer against Wells Fargo Advisors, LLC. It was the financial firm that began proceedings against its former employer last year.<\/p>\n<p>Schaffer accused Wells Fargo of &#8220;ending&#8221; his career when on a Form U5, which is a Uniform Termination Notice for Securities Industry Registration, the firm provided descriptions of alleged infractions that he said were misleading and had prevented him from being offered another job. He claimed that the reasons given for his firing were pretextual and that he was actually let go over health issues. Schaffer also disputed Wells Fargo&#8217;s claim that he owed them money for a promissory note. While he said that the financial firm had represented the note as a &#8220;sales bonus,&#8221; Wells Fargo said that after terminating Schaffer&#8217;s employment was terminated on October 1, 2009, it should receive the entire $74,617.76 that was owed on a promissory note.<\/p>\n<p>The FINRA arbitration panel, however, agreed with Schaffer and found the promissory notice &#8220;unconscionable.&#8221; It said that Wells Fargo therefore could not recover on it. The panel also said that because the Form U5 Termination Explanation was of a &#8220;defamatory nature,&#8221; the financial firm was liable to Schaffer for compensatory damages. The court confirmed the arbitration award, while denying Wells Fargo&#8217;s motion to vacate, and entitled Schaffer to recover legal fees.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/75k-finra-arbitration-award-ag\/\"  title=\"Continue Reading $75K FINRA Arbitration Award Against Wells Fargo Advisors LLC For Defaming an Ex-Employee in Form U-5 is Confirmed by District Court\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>In district court, Judge Samuel Conti has confirmed a Financial Industry Regulatory Authority panel&#8217;s $75,000 arbitration award to Kenneth Schaffer against Wells Fargo Advisors, LLC. It was the financial firm that began proceedings against its former employer last year. Schaffer accused Wells Fargo of &#8220;ending&#8221; his career when on a Form U5, which is a [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3798,3752,3836],"tags":[],"class_list":["post-919","post","type-post","status-publish","format-standard","hentry","category-arbitration","category-financial-firms","category-wells-fargo"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>$75K FINRA Arbitration Award Against Wells Fargo Confirmed | Investor Lawyers<\/title>\n<meta name=\"description\" content=\"In district court, Judge Samuel Conti has confirmed a Financial Industry Regulatory Authority panel&#039;s $75,000 arbitration award to Kenneth Schaffer &#8212; July 25, 2011\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/75k-finra-arbitration-award-ag\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"$75K FINRA Arbitration Award Against Wells Fargo Confirmed | Investor Lawyers\" \/>\n<meta name=\"twitter:description\" content=\"In district court, Judge Samuel Conti has confirmed a Financial Industry Regulatory Authority panel&#039;s $75,000 arbitration award to Kenneth Schaffer &#8212; July 25, 2011\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"$75K FINRA Arbitration Award Against Wells Fargo Confirmed | Investor Lawyers","description":"In district court, Judge Samuel Conti has confirmed a Financial Industry Regulatory Authority panel's $75,000 arbitration award to Kenneth Schaffer &#8212; July 25, 2011","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/75k-finra-arbitration-award-ag\/","twitter_card":"summary_large_image","twitter_title":"$75K FINRA Arbitration Award Against Wells Fargo Confirmed | Investor Lawyers","twitter_description":"In district court, Judge Samuel Conti has confirmed a Financial Industry Regulatory Authority panel's $75,000 arbitration award to Kenneth Schaffer &#8212; July 25, 2011","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/75k-finra-arbitration-award-ag\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/75k-finra-arbitration-award-ag\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"$75K FINRA Arbitration Award Against Wells Fargo Advisors LLC For Defaming an Ex-Employee in Form U-5 is Confirmed by District Court","datePublished":"2011-07-25T19:09:32+00:00","dateModified":"2022-03-09T22:07:06+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/75k-finra-arbitration-award-ag\/"},"wordCount":375,"articleSection":["Arbitration","Financial Firms","Wells Fargo"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/75k-finra-arbitration-award-ag\/","url":"https:\/\/www.investorlawyers.com\/blog\/75k-finra-arbitration-award-ag\/","name":"$75K FINRA Arbitration Award Against Wells Fargo Confirmed | Investor Lawyers","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2011-07-25T19:09:32+00:00","dateModified":"2022-03-09T22:07:06+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"In district court, Judge Samuel Conti has confirmed a Financial Industry Regulatory Authority panel's $75,000 arbitration award to Kenneth Schaffer &#8212; 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