Articles Posted in Robert Baird

Chicago-based Stoltmann Law Offices in investigating cases where brokers have been treated unfairly by their firms.  A growing issue for financial advisors is when they are pushed out of their firms or treated unfairly simply for getting older. When this happens, brokers can file age discrimination lawsuits against their former employers.

Judith Bovitz, a 70-year-old financial advisor with Wells Fargo, sued her employer last year for age and gender discrimination. She claimed Wells retaliated against her by transferring her to a smaller branch office when she complained that younger, male advisors were being assigned more lucrative accounts, according to Reuters. She had a $100 million book of business at the time of the lawsuit. Bovitz spent her 34-year career at Wells and its Prudential Securities predecessor. “I’ve lost hundreds of thousands of dollars a year because other advisors were given accounts,” Bovitz told Advisorhub.com. “I’m sick and tired of being passed over.” The company said it is “reviewing” Bovitz’s allegations.

In 2011, Wells Fargo Advisors, the wealth management unit of Wells Fargo & Co. agreed to pay $32 million to settle a gender bias class-action suit with about 3,000 women advisors. The women claimed that compared with their male advisor counterparts, female advisors were “provided fewer business opportunities by the company. The women also claimed that female advisors were impaired by limited career advancement, work assignments and distribution of accounts,” one of the ways firms chose to shift customers to younger, male advisors.

According to a recent Financial Industry Regulatory Authority (FINRA) Award, Robert W. Baird was forced to pay Wells Fargo Advisors $10,856,166 in compensatory damages and the same amount in punitive damages, among other costs. Wells Fargo Advisors asserted unfair competition, breach of contract, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, conspiracy, tortious interference with actual and prospective business and tortious interference with contractual relations, violations of FINRA rules of conduct and unjust enrichment. The firm alleges that these raids that resulted in the accusations, occurred at a Wells Fargo branch office in Wichita, Kansas. If you suffered losses with Robert W. Baird, you may be able to recover them in the FINRA arbitration forum on a contingency fee basis. We help investors recover their losses by bringing legal action against the firm. The call to us is free with no obligation.

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