Banking and Financial Services Litigation Group obtains preliminary injunction for wealth management subsidiary
Pittsburgh, June 6, 2012 — Burns White Banking and Financial Services Litigation Co-Chairs David B. White and Lyle D. Washowich, as well as Associate Brian M. Mancos, successfully obtained an emergency motion for a temporary restraining order and preliminary injunction for a wealth management subsidiary of a Pennsylvania-chartered savings bank.
The motion, which was filed in Indiana County, was against a former manager and employee of the subsidiary who left the company to form their own financial advising firm, by utilizing trade secret and proprietary customer information that encompassed approximately 90% of the subsidiary’s business. Attorneys on the Banking and Financial Services Litigation team worked swiftly with the client to create a strategy and compile discovery showing that the defendants had engaged in direct and unfair competition that would cause irreparable harm.
As a result, the motion was granted and the defendants were banned from divulging any of the subsidiary’s confidential information or trade secrets, recruiting any of its employees, and soliciting any current or prospective clients.