JP Morgan Securities has sued a Tulsa, Okla.-based team that left for Wells Fargo Advisors last month.
In a complaint filed Thursday in federal court, JP Morgan claims that Laurisa Anderson and Steven Remchuk violated their employment agreements in soliciting clients to come to Wells Fargo.
The two advisors, who left JP Morgan on August 19, collectively managed about $1 billion, the claim says.
In the latest development, Anderson and Remchuk on Monday agreed to return client records in their possession and to not solicit customers they served at JP Morgan, according to court records.
The dispute will now head to a Finra arbitration panel.
But that may not be the end of the tiff. JP Morgan claims that on August 29, six more of its employees in Oklahoma City and Tulsa departed for Wells Fargo Advisors.
“Together with Anderson and Remchuk, JP Morgan has lost over eighty percent of its wealth management group to Wells Fargo as part of this raid,” the claim says.
JP Morgan says that many of its largest clients were serviced by Anderson and Remchuk, with some of the relationships dating back nearly 50 years.
Additionally, the suit alleges that the two brokers had an unusually large number of client meetings and made an inordinate number of client-document requests prior to their departure.
“As a result of Anderson and Remchuk’s unlawful solicitations, [JP Morgan] has, as of the date of the filing, already received many transfer requests,” the claim says.