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Restrictive Covenants Brokers

Bass, Berry & Sims PLC

Chris Lazarini Outlines Court Decision to Uphold Permanent Injunction Against Broker

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Bass, Berry & Sims attorney Chris Lazarini outlined a court’s decision to uphold a permanent injunction against a broker finding the appellate rules do not allow for an appeal as a matter of right. In this case, a bank sought...more

Seyfarth Shaw LLP

Former Protocol Members Are Stepping Up Their Restrictive Covenant Enforcement

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As we have discussed on this Blog over the past several years, the Protocol for Broker Recruiting (“Protocol”) allows for reciprocal poaching of brokers....more

Womble Bond Dickinson

The Broker Protocol: End of an Era?

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Morgan Stanley and UBS – two of the largest wirehouses in the United States – recently withdrew from the Protocol for Broker Recruiting Agreement, commonly referred to as the “Broker Protocol.” This move has raised much...more

Seyfarth Shaw LLP

Are Financial Services Firms Reconsidering The Protocol?

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The Protocol for Broker Recruiting (“Protocol”) allows for reciprocal poaching of brokers. More specifically, if a broker leaves one Protocol firm for another Protocol firm, the broker can a) take certain account information...more

Jackson Lewis P.C.

A Protocol On Life Support – Financial Industry Assesses The Aftermath Of Major Defections From Broker Recruitment Pact

Jackson Lewis P.C. on

In the fourth quarter of 2017, two major financial firms dropped out of an industry-wide Protocol for Broker Recruiting (the “Protocol”), an agreement designed to reduce litigation surrounding the movement of stockbrokers...more

Genova Burns LLC

Morgan Stanley Abandons Broker Industry Recruiting Pact

Genova Burns LLC on

In a major blow to the Protocol for Broker Recruiting, which limited restrictive covenants in the broker industry and resulting litigation, according to Reuters (October 30, 2017), Morgan Stanley has decided to withdraw from...more

Dorsey & Whitney LLP

A Matter of Protocol - Rules for Departing Brokers Trying to Solicit Former Clients

Dorsey & Whitney LLP on

Question: We operate a financial services firm that employs account executives who execute investment trades on behalf of clients. One of our brokers recently resigned to move to a competitor firm. ...more

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