John Thomas Claims Ex-Employees Stole Data, Clients

Law360, New York (January 8, 2013, 7:37 PM EST) -- New York brokerage firm John Thomas Financial Inc. on Monday filed a lawsuit claiming five former employees who abruptly left the company last month for rival National Securities Corp. have been using stolen proprietary information to lure away its customers, costing the company more than $10 million.

The five brokers resigned “en masse” Dec. 21 and took with them at least three client books that contain information pertaining to customers' financial plans, trading history and annual income, JTF claims. The brokers have been using the information...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.