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Broker Wins $500,000 Versus Wachovia On Promissory Note
A NASD arbitration panel has awarded a broker $500,000 for emotional distress and punitive damages against Wachovia Corp.
The broker claimed that Wachovia forced him to sign a promissory note, or else be fired, to repay $24,000 in advances against commissions. Instead of simply repaying the commission advances from future earned commissions, the promissory note obligated the broker to pay back from any monies earned in the future. This, and some other promissory note provisions, violated California law.
Source: Dow Jones Newswires, October 28, 2004
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Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
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