“Any delay in the preliminary injunction hearing in Maryland will allow Butera to continue pirating Edelman’s business and misappropriate Edelman’s trade secrets and proprietary information, causing irreparable harm.”
LPL, says Edelman, “has refused to provide an unequivocal position on this application. Accordingly, Edelman respectfully asks the Court to expedite the hearing date and briefing schedule for Edelman’s motion to enforce.” Specifically, Edelman Financial Engines said that LPL has not produced communications between Butera and ex-Edelman Financial Engines clients after the date of transfer.
Also, Edelman claims, “LPL Financial has not committed to produce phone records. LPL Financial simply refers Edelman to the phone records that Butera produced, which appear to be his personal phone records. Given that it is undisputed that Butera contacted Edelman clients by phone after his transition to LPL Financial, phone records and/or logs are discoverable and proper.”
Edelman Financial Engines is the second largest RIA firm in assets, with more than $290 billion, according to Financial Advisor magazine's 2022 RIA survey.
Edelman Financial Engines did not return requests for comment. An LPL spokesperson said the firm does not comment on any aspect of pending cases.