Ameriprise’s legal professional contends in a submitting containing Palacios’ declaration that “LPL makes no effort to dispel Ameriprise or this Courtroom of the fact that LPL continues to be in possession of, and utilizing, the ill-gotten confidential data which it acquired by means of this scheme.”
In the meantime, Ameriprise was allowed to maneuver forward Monday with a temporary restraining order in opposition to former advisor Douglas Kenoyer and his new agency, LPL, to stop them from soliciting Ameriprise purchasers and misappropriating confidential data.
The TRO was issued in america District Courtroom for the Western District of Washington by Senior Choose Barbara J. Rothstein.
The TRO follows Ameriprise’s grievance alleging that Kenoyer, who resigned from Ameriprise in September 2024 after practically twenty years of affiliation, improperly solicited clients and took proprietary data in violation of restrictive covenants.
“In his function with Ameriprise, Kenoyer had acquired a big consumer base by means of an inside switch from former Ameriprise franchise proprietor Jan Gerards,” the attorneys Michael Taaffe, Brandon Taaffe and James Fanto mentioned in an announcement.
“This switch included over 1,000 purchasers and greater than $134 million in belongings, ruled by an settlement prohibiting Kenoyer from divulging or utilizing any confidential consumer data,” the attorneys mentioned.
The court docket’s ruling “underscores Ameriprise’s declare that Kenoyer violated each his Franchise Settlement and the Dealer Protocol by soliciting purchasers earlier than formally becoming a member of LPL,” the attorneys mentioned in an announcement.
“Each Ameriprise and LPL take part within the Dealer Protocol, which permits monetary advisors to take sure consumer data beneath particular circumstances when transitioning between corporations,” they continued.
“Nonetheless,” the attorneys mentioned, “Ameriprise contended that the protocol doesn’t cowl purchasers Kenoyer acquired by means of the inner switch from Gerards, nor does it allow pre-termination consumer solicitation.”
— Melanie Waddell contributed to this story.
