JPMorgan is seeking a temporary restraining order against one of its former private client advisors who jumped ship for UBS, according to news reports.

Pedro Lopez-Villari, who joined JPMorgan in 2014 and managed $81 million for around 100 clients, had signed an agreement barring him from soliciting JPMorgan clients for a year after leaving the firm, the company claims, according to FA-IQ sister publication FundFire.

JPMorgan also claims it assigned or referred most of his clients, the publication writes.

But nine JPMorgan clients reported that Lopez-Villari called them promising lower fees if they moved their accounts to UBS, which he joined on Aug. 30, according to JPMorgan’s complaint cited by FundFire. Moreover, he allegedly “bad-mouthed and disparaged” JPMorgan, the company says, according to the publication.

JPMorgan is seeking a temporary restraining order and a preliminary injunction pending a Finra arbitration, FundFire writes.

Lopez-Villari, JPMorgan and UBS all declined comment to the publication.

JPMorgan has gone after other departing advisors in the past, despite being a signatory to the Protocol for Broker Recruiting, the industry accord that allows departing advisors to take some client information with them without the threat of lawsuits.


Last year, it sought TROs against advisors who left JPMorgan for Merrill Lynch and Ameriprise.

JPMorgan’s rival Morgan Stanley — which did leave the accord in 2017, along with UBS and several other firms — has been particularly aggressive pursuing brokers who've jumped ship. Since withdrawing from the protocol, Morgan Stanley has sought TROs against more than a dozen departing brokers.