UBS Wealth Management has initiated a breach-of-contract lawsuit, seeking intervention from a federal court to prevent the solicitation of its clientele by a group of three brokers. This broker trio, formerly part of UBS's Atlanta-based team, reportedly generated nearly $22 million in yearly revenue. Recently, they transitioned to RBC Wealth Management-U.S.
The lawsuit filed by UBS alleges that these brokers have breached non-solicitation clauses outlined in an inherited account agreement signed with the group's retired founder. Additionally, UBS claims that the brokers violated terms stipulated in their employment contracts and partnership agreements, which were entered into while they were serving clients of other UBS advisors.
Non-solicitation clauses are routinely included in on-boarding documents. The attorneys at Outside Legal Counsel LLP can help ensure that the clauses are properly drafted as well as help with negotiating and interpreting these clauses on behalf of employees. Please reach out to schedule a consultation with us.
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