Lawmakers Elizabeth Warren and Katie Porter Request More Information After Georgia Court Vacates Arbitration Award

INVESTORS: The Fulton County Superior Court in Atlanta, Georgia vacated an arbitration award to Wells Fargo after discovering that Wells Fargo and their outside counsel, Terry Weiss, manipulated the arbitrator selection process.

Earlier this month, Sonn Law Group reported that a Georgia court vacated an arbitration award in favor of Wells Fargo after discovering that Wells Fargo and their attorney, Terry Weiss, manipulated the FINRA arbitrator selection process.

According to court documents, Terry Weiss admitted that FINRA provided him with a “subset” of arbitrators that had at least three less arbitrators than the list provided to the opposing party. Following the ruling, the Public Investors Advocate Bar Association requested an investigation into FINRA’s arbitration process. Now, Senator Elizabeth Warren, D – Mass., and Representative Katie Porter, D – Calif., are calling on FINRA to provide additional details on its arbitration process, including the communications between Mr. Weiss and FINRA officials. 

In a letter to the FINRA president and chief executive officer Robert Cook, the two lawmakers stated, “[w]e have long had concerns about Finra’s ability to effectively enforce rules against fraudulent and abusive behavior by brokers and dealers.”

A Wells Fargo spokesperson stated that the firm followed FINRA’s rules for selecting arbitrators in the case and plan to appeal the ruling made by the Georgia court judge.

The Sonn Law Group is currently investigating allegations surrounding the FINRA arbitration process. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.