JPMorgan is suing a former advisor for allegedly poaching clients after resigning and joining Stifel.
In its action, filed Tuesday in the U.S. District Court for the Eastern District of Michigan, Southern Division, JPMorgan asks for a temporary restraining order and a preliminary injunction to “maintain the status quo pending resolution of an arbitration proceeding” between JPMorgan and David M. Anderson that concurrently is being filed with the Financial Industry Regulatory Authority Dispute Resolution.
According to the suit, Anderson resigned from JPMorgan on June 14 and immediately joined Stifel, Nicolaus & Co., a competitor.
At the time of his resignation, Anderson worked as a Select Advisor in a bank branch office of JPMorgan Chase Bank N.A., an affiliate of JPMorgan, in Rochester, Michigan.
A request for comment from Anderson was not answered as of press time.
JPMorgan states that it “has learned that since resigning from JPMorgan and joining Stifel, Defendant has solicited at least ten JPMorgan clients to move their accounts from JPMorgan to him at Stifel.”