Robert W. Baird has been hit with a $23.5 million award in a raiding case brought by Wells Fargo Advisors in 2015.
 
The arbitration award, issued last Friday, ordered Milwaukee-based Baird to pay $10,856,166 in compensatory damages and the same amount in punitive damages, plus $1.75 million in attorneys’ fees.
 
The case arose after Baird recruited a group of six advisors and four client-service assistants from Wells Fargo Advisors to open a new Wichita, Kan., branch in June 2015.
 
According to Baird’s announcement at the time, the group collectively advised on $1.1 billion for clients.
 
The Finra arbitration panel also tagged Baird advisor Donald Barry for $543,000 in damages, the mother-son team of Jill and Brian Docking for $342,000, and advisor Kevin McWhorter for $115,000.
 
Barry joined Baird as a managing director, and the Dockings and McWhorter joined as senior vice presidents. All the advisors were legacy A.G. Edwards reps.
 
“We strongly disagree with what is asserted in this situation and with the findings, and are extremely disappointed in the size of the award,” said Baird spokesman John Rumpf in a statement. The firm declined further comment.
 
One of the three arbitrators partially dissented in the decision, saying the punitive award was not appropriate.
 
Wells Fargo Advisors spokeswoman Helen Bow declined comment.
 
The case is a big one by Finra standards, but the award offers no details as to why the panel dinged Baird by such a large amount.