Operations Partner James E. Heavey was recently quoted in an article by AdvisorHub, commenting on a current contentious case regarding a former JPMorgan financial advisor that moved to Morgan Stanley and allegedly violated a temporary restraining order by continuing to solicit former clients via email (“JPMorgan Asks Court to Hold Morgan Stanley Broker in Contempt“). JP Morgan has asked the New York Supreme Court to hold the advisor in contempt for allegedly violating the TRO.
The article quotes James as commenting:
James Heavey, a partner at Barton LLP in New York who said he has advised at least 20 JPMorgan advisors on their exits, said that contempt requests are unusual and could lead a court to impose severe penalties, including fines and other sanctions. The advisor must show that his emails were either requested by the former client or somehow exempt from the order. “They better have a good explanation for it,” Heavy said. “If these were unilateral decisions to send communications out, that would be problematic.”
James and the Financial Services team at Barton have assisted in hundreds of RIA and broker-dealer transitions across the country in the last fifteen years, ensuring compliance with industry rules and advisor employment agreements. They have successfully defended against litigation brought against advisors by their former employers, garnering notable public decisions in both federal and state court.
You can read the AdvisorHub article here.
James E. Heavey