Litigation

Firms' legal brawls with departing advisors don’t exactly enhance their stature among clients. But there's reason to think this may become a thing of the past, writes recruiter Mark Elzweig.

The bank was seeking to overturn some $400,000 in attorney fees awarded to four advisors as part of a $2 million case.

Pressing the bank for examples of non-solicitation violations, the judge cut off JPMorgan’s attorney: “you are dancing all around my question.”

Mary Mack is expected to say that other employees were scared of Carrie Tolstedt, according to the bank’s regulators. Tolstedt, one of five former Wells executives facing civil charges in connection with the bank’s phony-accounts scandal, could be fined as much as $25 million.

The advisor is asking a judge to reconsider the order, saying he wasn’t given a chance to defend himself against accusations of violating a non-solicitation agreement.

The St. Louis-based firm claims its rival “instructs incoming recruits to compile client information from their former firm” as a matter of course.

A court ruling may also potentially help dozens of other advisors in their efforts to claim what they say is millions in deferred compensation they are due.

A lawsuit will turn on whether UBS can demonstrate that Alexandra Van Meurs violated contract agreements when she and her team jumped to Morgan Stanley.

Earlier this year, FINRA arbitrators granted the former advisor’s expungement request, but still sided with the firm on its demands for repayment of two promissory notes.

Marylin Booker accuses the company of failing to support Black advisors and criticizes its use of mandatory arbitration to settle employee disputes.