Raymond James Financial was ordered by an NYSE arbitration panel to pay Wachovia Securities $6.6 million for improperly recruiting two brokers and a branch manager.
Raymond James is considering appealing the decision, according to a company spokesperson. “Raymond James is disappointed in the panel's decision, which we believe was clearly inconsistent with the evidence presented,” the firm said in a statement.
Wachovia Securities, formerly First Union Securities, claimed that Raymond James improperly hired a manager and two brokers for its Indianapolis office.
Raymond James says its actions were appropriate and that the employees it hired were not covered by employment agreements. The firms refused to identify the brokers and branch manager.