UBS sues breakaway brokers for soliciting inherited clients
In its latest lawsuit against a breakaway team, UBS argues a group of advisors is not only trying to take away its clients but also depriving retired former colleagues of their income. According to UBS, the founders of Loxahatchee Capital, named in a suit filed in federal court on Monday, inherited their books of business from colleagues moving into retirement who were to receive revenue for another five years. Now that’s in jeopardy, UBS says.
In its latest lawsuit against a breakaway team, UBS argues a group of advisors is not only trying to take away its clients but also depriving retired former colleagues of their income.
According to UBS, the founders of Loxahatchee Capital, named in a suit filed in federal court on Monday, inherited their books of business from colleagues moving into retirement who were to receive revenue for another five years. Now that’s in jeopardy, UBS says.
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