A Georgia judge questioned the fairness of the financial industry’s dispute-resolution process in a ruling stemming from a
& Co. customer’s claim that the bank botched his investments.
Wells Fargo and its lawyer improperly manipulated a list of arbitrators who could decide on the customer’s claim—with the permission of the regulatory body that oversees the process, Superior Court Judge
Belinda Edwards
Brian Leggett
and Bryson Holdings LLC brought the case against Wells Fargo after losing some $1.2 million on a merger arbitrage investment strategy executed by a broker there in 2015 and 2016. The arbitrators ultimately decided in Wells Fargo’s favor. Judge Edwards’s ruling vacated the arbitration award.
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