|
A UBS
AG brokerage unit sued two former financial advisors in Chicago,
claiming they took confidential trade secret information including
customer account data to competitor Wells Fargo Advisers LLC.
Named as defendants in the lawsuit filed yesterday by UBS
Financial Services Inc. are David Kinnear and Kathleen Bakas, who
allegedly resigned two days ago to join the Wells Fargo & Co. unit.
One full-time and one part-time UBS employee, all part of Kinnear’s wealth-management group, went with them, according to the complaint.
“Led by Kinnear, the team serviced accounts that generated more than $3.7 million in revenues for UBS over the past 12 months of the defendants’ employment,” UBS alleged.
The New York-based brokerage unit of Zurich-based UBS seeks a court order blocking the defendants and any Wells Fargo representative from soliciting any UBS client Kinnear or Bakas had advised while there, preventing the disclosure of any proprietary UBS information and directing its return.
UBS also seeks expedited arbitration of its claims through the Financial Industry Regulatory Authority.
Ancel
Martinez, a spokesman for San Francisco-based Wells Fargo, which isn’t a
party to the suit, couldn’t immediately comment on the case. Kinnear
and Bakas didn’t immediately respond to e-mail messages seeking comment
on the lawsuit.
The case is UBS Financial Services Inc. v. Kinnear, 12CH05333, Cook County, Illinois, Circuit Court, Chancery Division (Chicago).
|
