Fourth Circuit Narrows Broker Protocol “Raiding” Exception, Enforces Employment Agreements in Wealth Management Dispute
On August 12, 2025, the U.S. Court of Appeals for the Fourth Circuit issued its decision in Salomon & Ludwin, LLC v. Winters, a significant case at the intersection of financial advisor mobility, the Broker Protocol, and restrictive employment covenants. The court affirmed in part and vacated in part a preliminary injunction obtained by a Richmond-based wealth management firm against several departing employees and their newly formed competitor firm.
On August 12, 2025, the U.S. Court of Appeals for the Fourth Circuit issued its decision in Salomon & Ludwin, LLC v. Winters, a significant case at the intersection of financial advisor mobility, the Broker Protocol, and restrictive employment covenants. The court affirmed in part and vacated in part a preliminary injunction obtained by a Richmond-based wealth management firm against several departing employees and their newly formed competitor firm.
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