Tr?id=566623520170033&ev=PageView&noscript=1

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
Quotes Bigger

I am so glad I found you! Wow! I appreciate your help, concern and guidance.

RB

LATEST NEWS AND ARTICLES

1776353258 Law
April 16, 2026
Former Financial Advisor Pleads Guilty to $10 Million Fraud Scheme Targeting Elderly Client

A former financial advisor has pleaded guilty to wire fraud after orchestrating a scheme that stole nearly $10 million from an elderly client, according to reporting by Financial Advisor News.

1776286541 Law
April 15, 2026
Court Issues Split Ruling in Edelman Advisor Dispute

A federal court in Delaware has delivered a mixed decision in a dispute between Edelman Financial Engines and Prime Capital Financial, underscoring the legal limits of restrictive covenants in the advisory space.

1776182162 Law
April 14, 2026
FINRA Seeks Public Comment on Potential Overhaul of Arbitration Rules

The Financial Industry Regulatory Authority (FINRA) has issued Regulatory Notice 26-06, requesting public comments on proposed changes to its arbitration framework.