Raymond James Financial Inc said on Tuesday that it has reached a confidential settlement in a brokerage raiding case with Wells Fargo & Co .

A Financial Industry Regulatory Authority arbitration panel in February imposed a $12 million fine on Raymond James after it found that the company had improperly poached advisers from Wachovia Securities in 2007. Wells Fargo bought Wachovia in 2008.

Raymond James & Associates, a division of Raymond James Financial Inc, filed a claim in February in a U.S. federal court in Tampa, Florida, to overturn the award.

Raymond James accused Wells Fargo of acting fraudulently during the arbitration by withholding key documents.

Wells Fargo responded on April 2, denying the claim and accusing Raymond James of attempting to retry the case in court, which is prohibited under the Federal Arbitration Act.

The case centered on 20 AG Edwards advisers who jumped to Raymond James shortly after Wachovia bought AG Edwards in 2007. The advisers had a combined $725 million in assets under management, according to Wells Fargo's court documents.

Wells Fargo did not immediately return calls for comment.

(Reporting by Helen Kearney. Editing by Robert MacMillan)

Wells fargo Wachovia Settlement