Deutsche Bank has sued to block some of its former wealth-management employees from joining competitor HPM Partners LLC, including two who claim they were forced out after being pressured to sell products that weren’t good for their clients.
Bloomberg News reports that the bank accused HPM, an investment adviser, of inducing more than a dozen members of its asset and wealth-management division to leave 'en masse' and 'to bring with them DB’s most valuable key clients', according to a complaint filed yesterday in Manhattan state court.
The hirings violated a non-solicitation agreement and previous settlement over HPM’s recruitment of Deutsche Bank employees in 2012, the bank said.
'The unlawful actions by HPM and the employee defendants could best be described as an economic coup d’etat, which seeks to obtain DB’s critical client base as its spoils', Deutsche Bank said in the complaint.
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