Independent broker-dealer Osaic has gone to court to deny allegations that it induced a group of advisors to breach employment agreements in their contracts, according to AdvisorHub.
Osaic filed a brief in Delaware Superior Court attempting to dismiss a lawsuit filed against it in December 2025 by Creative Planning’s United Capital Financial Advisors.
The complaint alleges that Osaic convinced former United Capital advisors Neal Slafsky, Heather Buckridge and Daniel Rodriguez to breach restrictive covenants in their contracts, resulting in the loss of about $237 million in client assets.
United Capital alleged that Osaic aided and abetted fraudulent concealment by encouraging the Florida-based advisors to violate their employment contracts, take client information and improperly solicit customers when they were moving to the firm in 2023.
In asking for the lawsuit to be tossed, Osaic stated that United Capital’s complaint was “riddled” with allegations made without detail about how Osaic induced the team to leave or their departure resulted in injury.
“Restrictive covenants exist to protect a company’s legitimate business interest—not to stifle competition,” Osaic wrote in the brief. “Yet here, Plaintiff seeks to weaponize restrictive covenants to punish a competitor, Osaic, for hiring talented professionals.”
Scottsdale-Arizona based Osaic contends that United Capital “relies on vague, conclusory assertions” that the advisors were induced to breach their employment agreements, and thus does not meet the “liberal” standards required by state law.
United Capital seeks unspecified damages for claims of tortious interference, aiding and abetting breach of fiduciary duty, misappropriation of trade secrets, unjust enrichment and unfair competition.
The complaint cites Osaic’s alleged involvement in the “theft of United’s longstanding clients, confidential information, and millions of dollars in assets under management.”
United Capital has also filed suit against Apollon Wealth Management, accusing that firm of inducing a group of advisors to execute “an unlawful plan to steal United Capital’s business in violation of their contractual, common law, and fiduciary duties.” Apollon responded by asking the court to either dismiss the complaint or move the dispute to a different forum.
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