INVESTORS: The Fulton County Superior Court in Atlanta has vacated an arbitration award to Wells Fargo amid findings that Wells Fargo and their outside counsel – Terry Weiss – struck a secret agreement with FINRA allowing Wells to block certain arbitrators, corrupting the neutral selection process. According to Judge Belinda Edward, this secret agreement amounts to “denying the investors their contractual right to a neutral, computer-generated list of potential arbitrators.”
What Does This Mean?
- This ruling calls into question the entire fairness of the FINRA arbitral forum.
- Any investor who has previously brought a FINRA arbitration claim against Wells Fargo and its representatives and suffered an adverse award now has grounds to vacate the award.
- Sonn Law Group will represent any Wells Fargo claimant who had their case decided the past year against Wells Fargo where Terry Weiss was involved to overturn the award for manipulation of the arbitrator ranking process.