UBS sues two ex-advisers claiming they took customer data to Wells Fargo

UBS sues two ex-advisers claiming they took customer data to Wells Fargo
Named as defendants in the lawsuit filed Wednesday by UBS Financial Services Inc. are David Kinnear and Kathleen Bakas.
FEB 14, 2012
A UBS AG brokerage unit sued two former financial advisers 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 Wednesday by UBS Financial Services Inc. are David Kinnear and Kathleen Bakas, who allegedly resigned earlier this week 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. --Bloomberg News--

Latest News

Names of more B-Ds that sold deals of bankrupt Inspired Healthcare surface
Names of more B-Ds that sold deals of bankrupt Inspired Healthcare surface

Broker-dealers that sold the defunct securities backed by Inspired Healthcare generated more than $100 million in fees and commissions.

MetLife poll finds high-value home sales are becoming tax-planning events
MetLife poll finds high-value home sales are becoming tax-planning events

A new MetLife survey finds real estate professionals are increasingly steering clients toward tax experts as rising property values leave more sellers facing significant capital gains.

Kestra adds Raymond James recruiter to expand advisor hiring push
Kestra adds Raymond James recruiter to expand advisor hiring push

The independent broker-dealer expands its business development bench with a new recruiter and an internal promotion in the West.

Cerity Partners names Will Peng chief innovation officer
Cerity Partners names Will Peng chief innovation officer

The leading ultra-high-net-worth RIA joins other large wealth firms, including Raymond James and LPL, in creating executive roles focused on artificial intelligence strategy

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.