STORY FROM: Reinsurance & Arbitration

N.J. Federal Judge Confirms $1.3 Million FINRA Award Issued in Favor of Wells Fargo

TRENTON, N.J. — A New Jersey federal judge has confirmed an arbitration award allowing Wells Fargo Advisors LLC to claw back more than $1 million from its former employee, finding he failed to provide evidence that the arbitration panel exceeded its authority and showed manifest disregard for the law.

On Nov. 3, Judge John Michael Vazquez of the U.S. District Court for the District of New Jersey confirmed the award, issued by a Financial Industry Regulatory Authority panel, which totaled nearly $1.3 million.

Wells Fargo alleged its former employee Eric Zakarin violated two promissory notes, with a combined value of ...

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