What You Need to Know
- JPMorgan had sued five advisors who left it for LPL-affiliated Professional Wealth Advisors.
- JPMorgan alleged the advisors improperly solicited its clients to move with them.
- As part of a settlement, the TRO and preliminary injunction that JPMorgan obtained against the advisors have been lifted.
J.P. Morgan Securities has settled its dispute with the five advisors who the firm alleged improperly solicited its clients to move with them when they left JPMorgan and joined Professional Wealth Advisors, an LPL Financial network member firm, earlier this year.
As part of the settlement, both parties requested that U.S. District Court for the Northern District of Illinois, Eastern Division, “dissolve” the temporary restraining order and preliminary injunction that JPMorgan had obtained against the advisors.
Both sides also requested that the court release the $75,000 bond to JPMorgan that it had posted in support of the TRO and “dismiss this case with prejudice … with each side to bear his or its own attorneys’ fees and costs,” according to a motion for relief on Aug. 10.
U.S. District Judge Matthew F. Kennelly granted each part of the joint motion, according to an order on the motion for relief, also on Aug. 10.
LPL and the advisors did not immediately respond to requests for comment on Tuesday. JPMorgan and John S. Monical, a managing partner at the Chicago law firm Lawrence, Kamin, Saunders & Uhlenhop, who represented the defendants, declined to comment. LPL and PWA were not named as defendants in the complaint that JPMorgan filed against the advisors on April 19.