Stephens Wins $18.2 Million In Raiding Claim Against Ben Edwards

Posted on February 4th, 2022 at 12:48 PM
Stephens Wins $18.2 Million In Raiding Claim Against Ben Edwards

From the Desk of Jim Eccleston at Eccleston Law: 

Stephens, Inc. has won nearly $18.2 million in an arbitration claim against Benjamin Edwards & Company over the raiding of an Arkansas branch. 

Stephens’ claim accused Ben Edwards of poaching four advisors at the Jonestown, Arkansas office over an 11-month span beginning in 2016. According to Stephens, the hiring constituted an unfair raid causing the firm to lose at least 40% revenue accompanied by predatory intent and “improper means” of recruiting. The award included $10.97 million in compensatory damages and $2.20 million in attorneys’ fees. Additionally, the two panelists in the majority awarded $5 million in punitive damages. 

The two panelists also denied a counterclaim that had sought nearly $2.55 million in damages pertaining to violations of the industry’s Broker Protocol recruiting agreement. Ben Edwards, which employs at least 300 advisors across 75 offices, will likely appeal the matter in an effort to reverse the arbitrators’ decision, according to a company spokeswoman. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, arbitration

Return to Archive

TESTIMONIALS

Previous
Next

I learned two important things working with Eccleston Law. First, I made a friend and ally with Jim and Steph for life. Secondly, and this is a crucial life lesson - if you need counsel, then seek out the very best. Jim was referred to me by a most trusted source. I've never had to hire an attorney for anything. Now, I know the value of hiring an important partner. Meticulous, thorough and detailed in preparation is the best way to describe Jim. Brilliant too, I might add. Bottom line, I would highly highly recommend Jim and Stephany for your legal needs. One of the best life decisions I've ever made.

Howard S.

LATEST NEWS AND ARTICLES

November 7, 2025
FINRA Suspends Former Wells Fargo Broker Over Unapproved Real Estate Venture

The Financial Industry Regulatory Authority (FINRA) suspended former Wells Fargo broker George J. Cairnes for four months and fined him $25,000 for engaging in unapproved real estate outside business activity, according to a settlement letter issued.

November 6, 2025
Former Ameriprise Broker Ordered to Pay $2.2 Million for Elder Exploitation

A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered Eric A. Dupre to pay nearly $2.2 million in damages to his former firm and two customers following allegations of theft and elder exploitation.

November 5, 2025
Former Wells Fargo Representative Suspended for Unauthorized Texting and Obstruction

The Financial Industry Regulatory Authority (FINRA) has suspended former Wells Fargo representative Eyan M. Townsend for one year and fined him $10,000 for using personal text messages to conduct business and attempting to obstruct an internal investigation by deleting those communications.