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“2013 Most Effective Lawyer” Finalists For $2.75 Million Award Against Wells Fargo

This week the “Daily Business Review” recognized more than 80 attorneys in 12 practice area categories as the “Most Effective Lawyers” in South Florida. Robert W. Pearce and Adam Kara-Lopez of the Law Offices of Robert Wayne Pearce, P. A. were recognized in the Mediation and Arbitration category.

According to the editors of the Daily Business Review, the selection was made after reviewing a long list of nominees and the course of a 3 month investigation. DBR law reporters and several outside contributors researched and further reported on the cases handled by the finalists. In some cases, DBR spoke with the nominee’s adversaries in clients and consulted case files. The “Most Effective Lawyer” award is a recognition of not only the success but the tireless efforts of lawyers on behalf of their clients — the ultimate measure for any lawyer.

We were fortunate to be recognized as finalists for our work in an arbitration proceeding against Wells Fargo Advisors f/k/a Wachovia Securities which resulted in a $2.75 million award for one of our clients this year.

Mediation and arbitration is supposed to be faster and more cost-effective than going to court. However, it was neither in this case involving the theft of millions of dollars from a family run limited partnership that retained our law firm. The arbitration took more than three years to resolve as attorneys for Wachovia Securities n/k/a Wells Fargo Advisors employed numerous delaying tactics before their client was ultimately ordered to pay the partnership $2.75 million. The case arose out of Wells Fargo’s failure to detect and investigate over 100 unauthorized transactions involving millions of dollars transferred from the partnership’s account at the brokerage firm. One of the brokerage employees went so far as to create a false power of attorney to give an unauthorized person control over the account that held most of the assets that were illegally transferred. There were numerous red flags. Had the brokerage enforced its own policies and procedures and followed industry rules and regulations, it certainly would have detected the theft. The arbitrators recognized the brokerage firm’s negligence and gave the partnership the justice it deserved.

The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 33 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.