Wachovia Sues Former Brokers For Stealing Clients

Law360, New York (October 29, 2008, 12:00 AM EDT) -- Wachovia Corp.'s broker unit has accused four former investment advisers who jumped ship to Bank of America in mid-October of trying to steal Wachovia's clients and sharing Wachovia's confidential client information and trade secrets with their new employer.

When they resigned from Wachovia offices in Pennsylvania, the advisors collectively handled about 5,391 client accounts with total assets of approximately $135.7 million, according to court documents.

Two separate lawsuits – one naming a single advisor and the other suit naming the remaining three individuals – were filed...
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