INVESTMENT BANKERS / FINANCIAL ADVISORS AND NON-COMPETES
I am sure if you are a financial advisor or broker, you are aware of the prevalence of non-compete agreements in your industry.
And I am also sure you have heard rumors that they exist on all levels – from the beginners, to the guys making $40mill a year.
So what happens when the executives litigate over a non-compete?
Here is a great case to follow: Jeffrey Gundlach (ex-employee) v. TCW Group (employer). Mr. Gundlach sues for breach of oral contract, and how does the employer respond? With a counterclaim alleging drugs, porn, breach of contract and trade secret info.
Sounds like a soap opera doesn’t it?
When employees call our office and ask should they sue to get out of an agreement, I usually tell them they can expect a countersuit – for something if they initiate litigation. That clearly was the case here with Mr. Gundlach. If you have to pay for lawyers to defend a suit, you might as well pay them to file a suit… or at least, this is how lawyers think.
Let us know if you need help with a Virginia Non-compete.