Former Creative Planning Staff File Lawsuit Challenging Non-Compete Agreements
From the desk of Jim Eccleston at Eccleston Law
Four former employees of Creative Planning have filed a lawsuit, alleging that their non-compete agreements with the firm unlawfully restrict their ability to work in the industry. The lawsuit was lodged in the Superior Court of the State of California County of San Diego.
According to ThinkAdvisor.com, the lawsuit alleges that the plaintiffs desire to continue their work as financial professionals in California but are unlawfully restrained by their employment agreements. Those agreements include non-competition clauses that prevent them from working in the financial industry and soliciting business from Creative Planning's clients and prospects for two years.
Furthermore, one of the employment agreements imposes a social media ban that mandates the advisor to disconnect from clients on LinkedIn. Two of the employment agreements require the advisors to provide Creative Planning with a four-week notice of their resignations, in what is known as a “Garden Leave” provision.
Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.
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