JPMorgan Seeks TRO Against Former Broker
JPMorgan claims Ryan May, who’d been with the firm and a predecessor company for almost 10 years, had around $160 million in assets “assigned” to him at JPMorgan, according to the complaint cited by the publication. Since he left in December, around two dozen former JPMorgan customers have brought more than $25 million in assets over to Ameriprise, JPMorgan says, according to InvestmentNews.
The company says in the complaint that May’s actions violate his employment contract, which had provisions on non-solicitation, as well as his common law obligations to the firm, according to the publication. According to JPMorgan’s complaint, May is “aggressively soliciting” clients via emails, text messages and phone calls, InvestmentNews writes.
The company says May is also “badmouthing” the JPMorgan advisor assigned to his former clients at the firm, according to the complaint cited by the publication.
JPMorgan and Ameriprise remain part of the broker protocol — the industry accord that lets departing advisors take some client data with them without the threat of lawsuits. Morgan Stanley and UBS Wealth Management are the biggest brokerages to have left the protocol at the end of last year, and have been seeking TROs against departing brokers ever since, although not always succeeding in obtaining them.