Wells Fargo Bank, N.A. v. Williams et al
Filing
62
MEMORANDUM OPINION. Signed by Judge Gregory A. Presnell on 6/6/2017. Copies mailed. (LAM)
UNITED STATES DISTRICT COURT
MIDDLE DISTRICT OF FLORIDA
ORLANDO DIVISION
WELLS FARGO BANK, N.A.,
Plaintiff,
v.
Case No: 6:16-cv-1877-Orl-31GJK
THERESA A. WILLIAMS and DAVID J.
STELLA,
Defendants.
MEMORANDUM OPINION
On January 27, 2017, the Court granted Defendants’ Motion to Compel Arbitration (Doc.
13). In that order, the Court offered to issue a written opinion should either party request one
(Doc. 58 at 2 n.2). Defendants have requested such an opinion (Doc. 59).
Plaintiff Wells Fargo Bank, N.A. (“Wells Fargo”) brought this action against Defendants,
former employees of the bank, for violation of the non-solicitation and non-disclosure provisions
of the contract between them (Doc. 1, Ex. 3).1 Section IV of the contract has a provision that,
upon termination, prohibits the employee from soliciting the bank’s customers for a period of one
year. Wells Fargo seeks to enforce that provision.
The contract also has an arbitration provision. Section VIII provides in pertinent part that:
“If I am an employee whose registration…is held by the Firm, I understand
that…any dispute between myself and the Firm and/or any of its affiliates…arising
out of this agreement…will be submitted to binding arbitration…”
1
Exhibit 3 is the contract between Wells Fargo and Defendant Williams. Presumably,
Defendant Stella signed the same document (Doc. 26 at 4 n.4).
Defendants were employees of Wells Fargo, whose registration was held by Wells Fargo
Advisors, LLC (“Advisors”), a broker-dealer affiliate of Wells Fargo. Section 1 of the contract
identifies Advisors as the “Firm.”2 Thus, since this dispute is between the defendant employees
and the bank (an affiliate of the “Firm”), it is subject to the FINRA arbitration provision.
DONE and ORDERED in Chambers, Orlando, Florida on June 6, 2017.
Copies furnished to:
Counsel of Record
Unrepresented Party
2
Section 1 of the contract provides that in consideration of employment by a Wells Fargo
Company [the “Bank”], allowing me to act as a registered representative of a broker-dealer
affiliate (the “Firm”), I agree as follows…”
-2-
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