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.
Less than a week after suing Ohio brokers who jumped to independent firm, brokers agree to avoid solicitation while former employer lets them send “tombstone” letters to former clients
Firm claims that broker and his teammate took confidential client information and have successfully moved $26 million of the $138 million they managed.
New Jersey team, which went independent in April after decades at Wells and predecessor firms, allegedly took client data in violation of company rules, privacy laws and the Protocol for Broker Recruiting.
Broker embroiled in a dispute over production credits with senior partner joined Capitol Securities the day after his termination.