Ex-rep claims discrimination in lawsuit

A former broker with Wells Fargo Advisors LLC of St. Louis has sued the firm for sexual discrimination.
AUG 16, 2009
A former broker with Wells Fargo Advisors LLC of St. Louis has sued the firm for sexual discrimination. Helen Berenyi, a legacy Wachovia Securities LLC broker who worked in the firm's Charleston, S.C., office, claims she was denied a fair share of client assets when a partnership she had with another representative was dissolved in December 2007. She filed her lawsuit this month in U.S. District Court for the District of South Carolina in Charleston, claiming discrimination and retaliation. Ms. Berenyi was forced out of Wachovia in August 2008, according to the suit. She is now president of Red Triangle LLC, an advisory firm in Charleston. Wachovia Securities this year was renamed Wells Fargo Advisors. Brokers can file discrimination claims in court rather than arbitration, but they must first get right-to-sue letters from the U.S. Equal Employment Opportunity Commission. According to her suit, Ms. Berenyi received permission to file the court claim. Her attorney, Allan Holmes of Gibbs & Holmes PC in Charleston, didn't return calls seeking comment. In a document attached to the suit, Mr. Holmes said that as of a year ago when she was terminated, Ms. Berenyi was owed another $39 million in client assets in addition to the $13 million she had already received. Teresa Dougherty, a spokeswoman for Wells Fargo Advisors, declined to comment. E-mail Dan Jamieson at [email protected].

Latest News

Maryland bars advisor over charging excessive fees to clients
Maryland bars advisor over charging excessive fees to clients

Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.

Wave of SEC appointments signals regulatory shift with implications for financial advisors
Wave of SEC appointments signals regulatory shift with implications for financial advisors

Reshuffle provides strong indication of where the regulator's priorities now lie.

US insurers want to take a larger slice of the retirement market through the RIA channel
US insurers want to take a larger slice of the retirement market through the RIA channel

Goldman Sachs Asset Management report reveals sharpened focus on annuities.

Why DA Davidson's wealth vice chairman still follows his dad's investment advice
Why DA Davidson's wealth vice chairman still follows his dad's investment advice

Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.

401(k) participants seek advice, but few turn to financial advisors
401(k) participants seek advice, but few turn to financial advisors

Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave