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Aug. 6, 2021 — Maurice Wutscher attorney Brady Hermann is quoted in an AdvisorHub article regarding a client solicitation dispute in U.S. District Court in Oregon between an investment management firm and a broker it previously fired.
The investment manager is seeking a temporary restraining order to prevent the broker from soliciting former clients.
Mr. Hermann, who is not involved in the case, said brokers must tread carefully when speaking to former customers.
“If [he] simply provided his new contact information, that likely would not be considered a solicitation,” he said. “However, if during the conversation he discussed the benefits of moving their account, or the benefits his new employer can provide that [the former manager] cannot, that could certainly be viewed as a solicitation.”
Brady Hermann is senior counsel in the Boston and New York offices of Maurice Wutscher LLP. He regularly represents financial services companies including banks, broker-dealers, financial advisors, financial asset buyers and third party debt collectors in individual, class action and regulatory matters. He has successfully represented clients throughout the country against claims for violations of securities laws, the Fair Debt Collection Practices Act, the Telephone Consumer Protection Act, the Fair Credit Reporting Act, and various state consumer protection statutes.