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?
Read more on the New York Times blog including the lawsuits themselves.
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.