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Dispute Resolution Keyed to Stone, 4th Ed.
Wachovia Securities v. Brand
Citation:
671 F.3d 472 (2012)Facts
Wachovia Securities initiated arbitration against four former financial advisors—Frank Brand, Stephen Jones, Marvin Slaughter, and George Stukes—who had previously worked for A.G. Edwards before its merger with Wachovia in October 2007. After Wachovia terminated their employment on June 26, 2008, the Former Employees joined competitor Stifel Nicolaus. Wachovia alleged the Former Employees conspired with Stifel, misappropriated confidential information, and improperly solicited Wachovia clients and employees. The Former Employees counterclaimed under the South Carolina Wage Payment Act and requested attorneys’ fees. During the final days of arbitration, the Former Employees first raised their claim for attorneys’ fees under the South Carolina Frivolous Civil Proceedings Act. Wachovia missed the initial briefing deadline and objected that it had not received adequate notice or opportunity to be heard on the fees issue. The Panel offered additional briefing, which Wachovia declined. The Panel ultimately awarded the Former Employees $1,111,553.85 in attorneys’ fees under the FCPA without following the statute’s procedural requirements for 30 days’ notice and a separate post-verdict hearing.
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