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Fidelity sues former broker for theft of trade secrets

Investment firms in Florida and elsewhere may provide services to a multitude of individuals on a daily basis. These companies generally place a great deal of importance on protecting the information of their clients, and they may choose to pursue legal recourse should they feel as though another party has misused proprietary information. Fidelity has filed a lawsuit against a former employee's investment firm after claiming that he stole valuable trade secrets upon leaving the company.

According to reports, the man formerly held a position as a broker with Fidelity. While there, he reportedly had access to the information of a multitude of accounts that represented more than $450 million in client assets. Following his resignation, Fidelity claims he took confidential client information with him and started his own investment advisory firm.

The company also claims that he has breached his fiduciary duty by using this information to obtain benefits from as much as $25 million in client assets. Fidelity has filed a lawsuit against his company and is seeking to recover an unspecified amount in damages. In addition to restitution, Fidelity is also seeking to recover the sensitive client information he took upon leaving the company.

When a company believes that another party has stolen and is using sensitive information, it may wish to take measures to protect its trade secrets. Since this can be an intricate process, a business owner in Florida could find it advisable to speak with an attorney for guidance on the available options for legal recourse. An attorney can assist a client in pursuing the restitution entitled and provide guidance on how to protect against similar scenarios in the future.

Source: investmentnews.com, "Fidelity sues former broker's RIA firm for misuse of trade secrets", May 3, 2018

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