Bank of America Wins Order, Ex-Workers Can’t Take Data
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Bank of America Corp. won a court order temporarily blocking four former employees from using and sharing the bank’s client records at their new employer, New York-based Dynasty Financial Partners.
Bank of America alleged yesterday in a complaint in New York state court that taking the records from the bank’s U.S. Trust unit to Dynasty Financial amounted to trade-secret theft. The employees claimed in their resignation letters that they were allowed to take the records under a voluntary recruiting agreement among brokers, according to the complaint.