Brokers

JPMorgan, Ex-Broker Agree to Non-Solicit Truce in TRO Battle

Less than a week after it filed for a temporary restraining order against a broker who jumped to Morgan Stanley, JPMorgan Chase & Co. and the broker have agreed to a stipulated injunction, according to a court filing earlier this week.

As part of the order, Brett A. Jacobson agreed that he would not solicit the bank’s clients, although he is allowed to process account transfer requests that they initiate or do business with them after they transfer, according to a Thursday court filing.

The order also requires Jacobson to return within three days to JP Morgan all documents pertaining to its clients, including copies, handwritten notes, and digitized versions. Jacobson, an 18-year industry veteran and private client advisor who had worked from a Chase bank branch in New York City, moved on April 28 to Morgan Stanley in Melville, New York.

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Securities Attorney at Sallah Astarita & Cox | 212-509-6544 | mja@sallahlaw.com | Website | + posts

Mark Astarita is a nationally recognized securities attorney, who represents investors, financial professionals and firms in securities litigation, arbitration and regulatory matters, including SEC and FINRA investigations and enforcement proceedings.

He is a partner in the national securities law firm Sallah Astarita & Cox, LLC, and the founder of The Securities Law Home Page - SECLaw.com, which was one of the first legal topic sites on the Internet. It went online in 1995 and is updated daily with news, commentary and securities law related links.

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