Federal Judge Restrains Raymond James from Soliciting Former TD Bank Clients
From the desk of Jim Eccleston at Eccleston Law
A federal judge has issued a restraining order against two Raymond James advisors, preventing them from contacting their former clients at TD Bank. As reported by Financial Planning, the decision stems from allegations that the advisors violated a non-solicitation agreement by transferring millions in client assets from TD Bank to Raymond James.
In a controversial move, the judge extended the restraining order to encompass all of Raymond James Financial Services, not just the two advisors directly involved. Raymond James argues that this broader restraining order is "grossly overbroad" and significantly impacts their business operations.
The case highlights the legal complexities and challenges surrounding non-solicitation agreements in the financial services industry. The court’s decision underscores the importance of seeking competent legal advice.
According to Financial Planning, Raymond James is expected to continue challenging the scope of the restraining order.
Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.
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