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Stark & Stark Shareholder Comments on 'Garden Leave' for Brokers

By Stark & Stark

Thomas B. Lewis, Chair of Stark & Stark's Employment Group, was quoted in the February 18, 2011 Wall Street Journal article, US Trust Asks Employees to Confirm Broker Protocol Doesn't Apply. The article discusses a memo Bank of America sent to its U.S. Trust banking employees which asked them to acknowledge that they are not subject to an industry-wide agreement on how
brokers leave firms for new jobs. Mr. Lewis states, "the memo appears to include new rules and that it is a "questionable" assertion that U.S. Trust isn't a Protocol member."
 

Mr. Lewis was also quoted in the February 22, 2011 Wall Street Journal article, US Trust's 'Garden Leave' May Start Trend. The article is a follow up to the Febryary 18th article in which Mr. Lewis states, "Garden leave provisions apply to many senior executives. They haven't typically been applied to financial advisers until now, however, mainly because they cripple their ability to convince clients to stick with them during the transition. Sixty days is an eternity in the brokerage world."

Full post as published by New Jersey Law Blog on February 22, 2011 (boomark / email).