Corporate & Securities Law

A lawsuit filed by Deutsche Bank Alex. Brown against a team of top-producing brokers who left the firm for Barclays Wealth Management has been settled. In an unusual twist in the case, the team was ordered by a New York court two weeks ago to return to Deutsche Bank for 60 days.  New York State Supreme Court Justice Bernard Fried said the brokers' agreements with Deutsche Bank required them to give 60 days' notice before resigning.

The brokers, of course, were put in the difficult position of working at Deutsche Bank while presumably being unable to tell clients about their pending departure. The 60-day notice requirement is similar to so-called garden leave provisions, which require an individual to take paid time off before joining a competitor.

SNSFE attorneys have worked in these situations before and look forward to doing so again.  Those with such issues should feel free to contact lawyers at SNSFE.

Source:  InvestmentNews