Norris McLaughlin & Marcus, P.A.

Blogs > Transitions in Employment

Garden Leave Restrictions

Nov 11, 2016

IN THE NEWS: J.P. Morgan Pursues Arbitration Case Against Advisors

I was recently interviewed by Fundfire, a financial services industry on-line publication, regarding J.P. Morgan obtaining a temporary restraining order as it pursues an arbitration case against seven advisors who left to launch an independent shop with LPL Financial. This is yet another case involving the protections of the industry’s agreement called the Protocol for Broker Recruiting.

On October 27, seven private bank advisors left and registered with LPL, launching Gulf Point Advisors, which focuses on working with family offices.… Read More

Apr 18, 2012

Other Restrictions May Also Confine Post-Termination Activities

In addition to the potential violations of confidentiality and non-disparagement provisions contemplated by a “tell-all” book about Goldman Sachs, Greg Smith should also consider garden leave and/or non- competition/non-solicitation restrictions. If Smith had a new job lined up before resigning, did he make the new employer aware of the restrictions to which he was bound? ¬† If these post-employment restrictions are ¬†reasonable in scope and duration, and protect Goldman’s legitimate interests, Smith (and possibly his new employer) ¬†will need to be mindful of not overstepping the boundaries of the restrictions.… Read More

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