First National Bank Says Former Execs Stole Trade Secrets

Law360, New York (April 28, 2014, 6:43 PM EDT) -- First National Bancorp Inc. hit three of a subsidiary’s former high-level executives with a lawsuit Friday in New Mexico federal court, accusing them of breaking unfair competition laws and stealing trade secrets when they abruptly quit and within days began operating rival financial advisory firm Santa Fe Advisors LLC.

First National says in its complaint that the three former executives started SFA while still employed at First National subsidiary First Santa Fe Advisors, bringing with them proprietary information, clients and two employees in defiance of confidentiality and noncompete agreements the executives had signed.

The suit also says the executives infringed trademarks...

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