Schwab Says Ex-Advisers Diverted $47M In Accounts To Rival

Law360, Houston (March 13, 2013, 10:22 PM EDT) -- Charles Schwab & Co. Inc. on Wednesday launched a suit in Texas court against former employees it claims violated nonsolicitation agreements by using confidential client information to divert accounts worth $47 million to Clarity Financial LLC before going to work for the competitor.

The brokerage house claims that two of its former consultants, Richard Rosso and Mark Blom, resigned last year to join Charles Schwab alumni Connie Mack Jr. at his investment firm Clarity, but not before the trio conspired to poach high net worth clients....
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.