Tr?id=566623520170033&ev=PageView&noscript=1

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
Quotes Bigger

I just received this letter from the CFP Board. Thank you, Thank you, THANK YOU!

David Y

LATEST NEWS AND ARTICLES

1780588152 Law
June 4, 2026
Former Wells Advisor Alleges Age Discrimination

A former Wells Fargo senior private client financial advisor in Wisconsin has filed a federal lawsuit alleging the firm terminated him because of his age rather than an alleged workplace profanity incident.

1780507151 Law
June 3, 2026
Starwood REIT Suspends Most Redemptions Amid Liquidity Pressure

Starwood Real Estate Income Trust (SREIT) has announced a temporary suspension of its share repurchase program for most investors.

1780415363 Law
June 2, 2026
SEC Charges California Trader in Alleged $43 Million Ponzi-Like Scheme

The Securities and Exchange Commission (SEC) has filed a civil action against a California day trader accused of operating a $43 million Ponzi-like scheme that allegedly defrauded more than 400 investors.