A federal district court judge has declined to issue a temporary restraining order and a preliminary injunction against three advisors — Jared Roskelley, Kyle Robertson and Matthew Tinyo — who resigned from Ameriprise on Jan. 27 and immediately commenced employment with LPL Financial Services.
Judge Susan Brnovich of the U.S. District Court for the District of Arizona also terminated Ameriprise's case against LPL.
Ameriprise filed for the TRO on Feb. 13.
"Ameriprise contends that it meets all of the injunctive relief requirements," Brnovich said Tuesday in her ruling. "But as the Court will explain, that is not the case."
"Ameriprise does not specify which of its eight claims it argues to demonstrate meritorious success," the ruling states. "Ameriprise’s arguments appear broadly premised on 'breach of contract, breach of statutory duties, or common law duties' without addressing what claims are applicable to specific Defendants."
Therefore, Brnovich said the court finds that "Ameriprise has failed to demonstrate a likelihood of success on the merits of its claims against LPL."
Further, "Ameriprise has not raised any arguments to support that there are serious questions going to the merits of its claims aside from a citation to the legal rule without any connecting analysis," the ruling said. "Thus, Ameriprise has not carried its burden to entitle it to injunctive relief against LPL."
Ameriprise said Wednesday in a statement shared with ThinkAdvisor that as to Roskelley the court "determined the wrongdoing was better suited for a damages determination in FINRA. We look forward to presenting the overwhelming evidence to a panel of experienced FINRA arbitrators."
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