Schwab Hits Ex-Broker With Trade Secrets Lawsuit

Law360, New York (September 13, 2010, 12:09 PM EDT) -- Charles Schwab & Co. Inc. has sued a former securities salesman, accusing him of ignoring rules requiring him to keep trade secrets and intellectual property "in strictest confidence," breaching various employment contracts and illegally courting the brokerage's clients after quitting in February.

Despite having signed numerous documents vowing not to violate trade secrets, Denver-based registered representative Jeff Sibel, who serviced Schwab accounts valued at more than $100 million, continues to solicit business from the major discount brokerage's clientèle, according to the lawsuit filed Friday in the...
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