Business Law
Breach of Contract
Recruiting
Torrey Pines Securities Inc. v. Charles Schwab & Co. Inc. and Adam Schwartz
Published: Jun. 15, 2013 | Result Date: Jun. 3, 2013 | Filing Date: Jan. 1, 1900 |Case number: 11-03575 Arbitration – Respondent
Court
FINRA
Attorneys
Claimant
Michael A. Jacobs
(JAMS)
Respondent
Gilbert R. Serota
(Arnold & Porter Kaye Scholer LLP)
Facts
Torrey Pines Securities Inc. filed suit against Charles Schwab & Co. Inc., asserting causes of action for breach of contract, breach of implied covenant of good faith and fair dealing, intentional interference with economic relation, and violation of FINRA rules. The causes of action related to Torrey Pines' allegation that Schwab actively recruited away from Torrey Pines $100 million in assets and a high producing representative based on confidential information.
Damages
Torrey Pines sought $2.5 million in compensatory damages.
Result
Torrey Pines' claims were denied in their entirety.
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