A federal judge granted Morgan Stanley’s motion to block the RBC group from soliciting their former clients and denied the brokers’ counterclaim.
Princeton, NJ, advisors say Morgan Stanley is soliciting clients they brought with them when they moved from UBS in 2010, in violation of written and verbal agreements.
New Jersey advisors “flagrantly” violated their employment agreements by calling former clients and using confidential information, wirehouse says in new lawsuit.
Firm requested more than $938,000 from New Jersey broker it accused of taking confidential data in breach of his employment contract, and was awarded $5,500.
Alleges that six-broker team in Illinois that joined Stifel two months ago lied about their possession of client-contact data—violating their employment contracts and their new firm’s “Non-Protocol Transition Guide.”
Veteran Staten Island, NY, broker moved more than $19 million and four associates to her new firm within a week of leaving earlier this month, according to lawsuit filed on Monday.
Wells asks court to restrain five-person team managing about $600 million from using information they allegedly took prior to their departure in late September.
Ruling gives brokers early-stage victory in likely long-running non-solicitation battle, lawyer says.
Brokers say their former employer’s rush for a courtroom restraint order is premature and posits an emergency that is nothing more than a litigation ploy.
Filing revives an aggressive legal stance the firm had taken after its withdrawal from the Protocol for Broker Recruiting.
Says former private bankers who left in April have been soliciting clients they didn’t develop and “bad-mouthing” bank practices and advisors.