An advisor for J.P. Morgan who claims the firm’s private banking division has been poaching her clients is now filing a lawsuit against her employer, reports Think Advisor.
The advisor, Gwen Campbell, moved from Merrill Lynch to J.P. Morgan in October 2020 with her wealth management group that manages $1.1 billion in assets for about 40 clients. She now alleges that the J.P. Morgan Private Bank has been “ruthlessly soliciting her clients” from her unit since she joined the firm, in violation of her employment agreements. She added that the bank has been disparaging her and preventing advisory clients from sending her their assets, and has thwarted her ability to execute client transactions. Campbell alleged that these actions have caused harm to her business and her reputation.
Campbell filed a complaint last week in U.S. District Court for the Northern District of California, asking for a temporary restraining order and preliminary injunction against J.P. Morgan pending the outcome of an arbitration hearing.
In response to the complaint, J.P. Morgan said Campbell’s allegations have no merit and said that she has not lost any clients since moving to the firm. Attorneys for J.P. Morgan asked the court to deny her request for injunctive relief, claiming her suit is an attempt “to use this Court for a litigation-privileged press release to extort a settlement from J.P. Morgan.”
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