Ex-assets administrators poached rich customers, claims the US bank, claims

A lawsuit by the US Bank accuses three former employees to hire two dozen wealthy customers and their managed assets of 700 million US dollars in the amount of $ 700 million, after they abruptly terminated their jobs last month and switched to crosstown competitor RBC WEALTH management.

The US Bank based in Minneapolis applies for damages from the three former members of their private Wealth Management Division, and explains that they have demolished contracts that keep them from customer procurement. The employees worked with many important, wealthy customers and jointly serve relationships worth more than 4 billion US dollars.

The three worked mainly with customers worth $ 10 million and $ 75 million. The bank identified none of the clients involved in its court files.

According to the lawsuit submitted on Wednesday, all three terminated on April 15 and accepted jobs at RBC, which are also based in Minneapolis. The three had worked for the US Bank between 10 and 27, the lawsuit said.

Attempts to achieve the three consultants – James Kirk, Darcy Frederickson and Jason Beumer – were unsuccessful. A lawyer who was identified as a lawyer for all three in the US Banks Court did not give a message back to his office on Thursday morning.

RBC is not a party of the lawsuit. A company spokesman did not answer a comment on Thursday when asked by Minnesota Star Tribune.

The recruitment of Kirk by RBC was reported in a handful of industry trading. A press release referred to the reports describes Kirk as “from the US Bank with more than 1 billion US dollars of managed assets” and quotes two managers in the Minneapolis office of RBC.

Since the employee was terminated, the US bank has carried out the damage to the damage, and partially works to determine the total number of customers who have been lost due to the move. According to the court, the bank was bound to the steps last month, although research has not yet been completed.