Insurance
Jan. 25, 2024
Insurance brokerage uses stock offers to skirt noncompete ban, lawsuits claim
“The shareholders agreement, however, is a sham devised by WS&Co. to circumvent California public policy in favor of ‘open competition and employee mobility’ so ‘that every citizen shall retain the right to pursue any lawful employment and enterprise of their choice,’” reads one complaint filed Jan. 19.
Woodruff-Sawyer & Co., an insurance brokerage, attaches restrictions to stock offers it makes to high-performing employees in shareholders agreements the company forces them to sign, recent lawsuits allege.
“The shareholders agreement, however, is a sham devised by WS&Co. to circumvent California public policy in favor of ‘open competition and employee mobility’ so ‘that every citizen shall retain the right to pursue any lawful em...
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