Despite indications that it would join The Broker Protocol last year when it acquired Merrill Lynch, BofA has yet do so. The Protocol, which has been frequently discussed in this blog, allows departing brokers/advisors leaving a firm to avoid claims for breach of non-compete or non-solicit agreements.
A Merrill Lynch spokesman has indicated that Merrill
In a recent non-compete decision, Federal District Court Judge Steven Robinson denied an injunction sought by IBM to keep a former vice-president, Steven Johnson, from going to work for Dell. The court rejected IBM’s contention, that Johnson had access to trade secrets:
The court believes . . . that IBM has overstated its case. Mr. Johnson does not
“Smith Barney” “Protocol” “Non-Compete”
Continue Reading The Protocol in Practice – Smith Barney v. Darling
Judge William C. Griesbach, of the Eastern District of Wisconsin, recently denied a request for a temporary restraining order filed by Smith Barney against several departing brokers and their new employer, Robert W. Baird & Co. Smith Barney sought a TRO in conjunction with Rule 13804 of the FINRA Code of Arbitration Procedure, meaning entry
Merrill Lynch and Bank of America appear to have resolved the non-compete issues discussed in my last entry:
After Bank of America (“BofA“) purchased Merrill Lynch it put on the full-court press to keep one of Merrill’s most important assets, its brokers. What has resulted is “The Advisor Transition Program (“ATP”)”, which provides financial incentives for brokers who remain following the merger. Reportedly, if a broker leaves during the seven year