Morgan Stanley Execs Upbraided For Poaching Clients

Law360, New York (May 2, 2012, 5:31 PM EDT) -- A New York state judge on Tuesday held two former AllianceBernstein LP executives in contempt for using confidential information to lure clients to their new employer, Morgan Stanley Smith Barney LLC.

Judge Eileen Bransten ruled that Peter A. Gelwarg and Kenneth A. Mayer, both former AllianceBernstein vice presidents and financial advisers, had violated a June temporary restraining order that prohibited them from soliciting their AllianceBernstein clients after they moved to Morgan Stanley — although she refused to impose a more lasting prohibition on the pair....
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