Articles Posted in William Blair

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.

If you are interested in suing Chicago-based brokerage firm William Blair in a class action lawsuit, the attorneys at Stoltmann Law Offices may be able to help. Every year, William Blair gets sued in class actions lawsuits, for various violations of state and federal securities laws. William Blair, like most other brokerage firms, has a binding arbitration clause in every new account agreement that means that for most claims, if you would like to sue the firm, it must be done through the binding arbitration process, and not in the class action process. There are some avenues through which the brokerage firm can be sued in a class action lawsuit. For example, securities fraud issues where William Blair is the underwriter is one example.  If you would like to file a class action lawsuit claim against William Blair, please call us at 312-332-4200 today. We are Chicago-based investment fraud attorneys who sue brokerage firms on a contingency fee basis to recover money for investors.

 

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