FINRA Arbitration Panel Dismisses All Claims Brought by Wells Fargo Against Firm Client

Towns Law Firm has obtained a dismissal of all claims brought against a former Wells Fargo financial advisor in a dispute over fees alleged to be owed by the advisor following his resignation. The advisor disputed that any binding agreement existed regarding the disputed fees because the contract document used by Wells Fargo failed to recite any consideration, making the agreement unenforceable. The case proceeded to arbitration before a three-member FINRA panel, but after several hours of testimony and argument, Wells Fargo conceded that it could not meet its evidentiary burden and dismissed the case. Cody Towns and Elizabeth Gebert of Towns Law Firm represented the advisor at the arbitration. The case is cited as Wells Fargo Advisors Financial Network LLC v. James Pacholek, FINRA Arbitration No. 21-01337.