Ex-Schwab Worker Tried To Lure $400M In Clients: Suit

Law360, New York (February 23, 2011, 8:51 PM EST) -- Charles Schwab & Co. Inc. on Wednesday sued a former financial consultant in an Illinois court for breach of contract and trade secrets theft, claiming he has tried to lure away a $400 million book of business he had at the brokerage.

Brandon Kerndt, a Schwab employee who left for Chicago-based rival Mesirow Financial Inc., has ignored nonsolicitation and confidentiality agreements he had with his old company, Schwab argues in a complaint filed in the U.S. District Court for the Northern District of Illinois.

The suit,...
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