Wachovia Securities has been ordered to pay $1.1 million in attorneys' fees and costs after an arbitration panel dismissed its latest claim of raiding against the St. Louis brokerage Stifel Nicolaus & Co.

The companies' dispute was over the move of four financial advisers to Stifel Nicolaus in Florence, S.C., from Wachovia Securities in June 2008. The advisers had been longtime brokers at A.G. Edwards before Wachovia bought it in early 2008. The arbitrators' ruling came last week.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.