J.P. Morgan Settles With Cresset Over ‘Raid’ Of Private Bankers

Posted on February 10th, 2022 at 2:20 PM
J.P. Morgan Settles With Cresset Over ‘Raid’ Of Private Bankers

From the Desk of Jim Eccleston at Eccleston Law:

J.P. Morgan settled a lawsuit with Chicago-based advisory firm Cresset Asset Management pertaining to its alleged raid of at least 10 J.P. Morgan private bankers. 

J.P. Morgan agreed in a stipulation with Cresset to dismiss with prejudice its claims while both parties will cover their respective costs and attorneys’ fees, according to the court filing. In May 2021, J.P. Morgan alleged that Cresset co-chairman and former Midwest regional head for J.P. Morgan’s private bank, Douglas Regan, improperly solicited private bankers to join him after his departure from J.P. Morgan in 2017. According to J.P. Morgan, Regan’s conduct violated non-compete clauses and resulted in the “loss of tens of millions of dollars in client assets and substantial revenue well in excess of $75,000.” 

Cresset was the only defendant named in the case while Regan, the sole respondent in the arbitration claim, previously informed AdvisorHub that J.P. Morgan’s claims were “without merit.” J.P. Morgan additionally alleged that Cresset specifically emphasized the hiring of former J.P. Morgan employees, which constituted an “impermissible raid” of its private bank. After joining J.P. Morgan in August 2012, Regan voluntarily terminated his employment to depart for Cresset in May 2017. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory, disciplinary and transition matters.

Tags: eccleston, eccleston law, jp morgan, raid

Return to Archive

TESTIMONIALS

Previous
Next

I learned two important things working with Eccleston Law. First, I made a friend and ally with Jim and Steph for life. Secondly, and this is a crucial life lesson - if you need counsel, then seek out the very best. Jim was referred to me by a most trusted source. I've never had to hire an attorney for anything. Now, I know the value of hiring an important partner. Meticulous, thorough and detailed in preparation is the best way to describe Jim. Brilliant too, I might add. Bottom line, I would highly highly recommend Jim and Stephany for your legal needs. One of the best life decisions I've ever made.

Howard S.

LATEST NEWS AND ARTICLES

February 6, 2026
Delaware Regulators Fine Kovack Advisors $985,000

Kovack Advisors Inc., the registered investment adviser affiliate of independent broker-dealer Kovack Securities Inc., agreed to pay a $985,000 fine to Delaware securities regulators.

February 5, 2026
FINRA Fines Broker-Dealer for Repeated Form CRS Disclosure Failures

The Financial Industry Regulatory Authority (FINRA) fined VSI Securities Inc., formerly known as Venecredit Securities Inc., $20,000 for failing to accurately disclose the firm’s disciplinary history in its customer relationship summary, known as Form CRS.

February 4, 2026
Investor Redemptions Rise in Nontraded BDCs Amid Credit Concerns

Financial advisors and their clients have increased redemptions from nontraded business development companies (BDCs) following a series of high-profile corporate bankruptcies, according to InvestmentNews. The surge highlights growing investor concern about liquidity and credit exposure within these high-yield but often risky investment ...