Broker-Dealer Raiding Lawyers Based in New York
Broker-dealer raiding refers to the poaching of brokers from a rival broker-dealer company. This is a common occurrence in the securities industry which results in a large wastage of time and resources because of the convoluted disputes. Regardless of whether your firm has been a victim of broker-dealer raiding, or if you have been accused as such, you will always stand to benefit when you hire a competent and dedicated attorney from Weltz Law.
We have a team of experienced attorneys that have recovered damages for countless Americans over the years. Schedule your initial consultation by calling (877) 905-7671 today.
What Is Broker-Dealer Raiding?
If employees are not bound by any contract, they typically have the autonomy to work for another employer at another firm. Conversely, litigation tends to occur when several employees of a firm decide to leave together in order to join a competitor. The company that they were previously working in can therefore bring a charge against this competitor to accuse them of raiding. They do this on the basis of facing damages from the loss of the significant actors in their firm. This is an extremely serious matter because it usually involves high stakes and damage claims that can reach exorbitant amounts. Hiring a legal professional to aid you in the process of fighting a case, whether it is on the defense or offense, is such a good idea because it can be challenging for broker-dealers to prove what is legal recruitment and what is not.
Common Broker-Dealer Raiding Claims
There are 5 main claims that are often observed in broker-dealer raiding cases. The following is a brief description of them:
- Breach of fiduciary duty: This can be argued when the fiduciary is accused of acting in their own self-interests instead of those of their principal. For such cases, the plaintiff needs to prove the extent to which the hiring firm communicated and planned for the “poached” employee to leave.
- Breach of contract: In the examination of the case, it is necessary to find out if there has indeed been a breach of post-employment contract, such as restraints against competition.
- Unfair competition: This is a business tort that needs 3 premises to be proved. Namely that the defendant and claimant are competitors, that the defendant acted in bad faith, and that the claimant really suffered damages as a result of the unfair competition.
- Misappropriating trade secrets: The appellant can claim this if they can prove that trade secrets were leaked without approval or consent.
- Tortious interference: This is when there has been a planned and intentional action to interfere with contract terms. In the securities industry, competitors can be found guilty of this if they had encouraged their poached employees to breach their contracts with their previous employers in an attempt to sabotage the contractual relationship.
Meet With an Attorney to Discuss Your Broker-Dealing Raiding Case. We Represent Clients Nationwide.
Are you facing difficulty finding legal help with your broker-dealing raiding case? Look no further than Weltz Law. We are a leading securities law firm that can help clients with cases of securities fraud. Our attorneys have a vast combined experience in this field and are highly committed to helping you receive the compensation which you deserve.
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