Ameriprise Financial sues LPL Financial for alleged misuse of client data during advisor recruitment.

Ameriprise Financial has filed a lawsuit against LPL Financial, accusing it of misusing private, confidential client data during advisor recruitment processes. Ameriprise claims LPL is directing recruits to take client information and trade secrets when they leave the firm, violating multiple laws and regulations. The lawsuit alleges LPL's practices are widespread and seeks to stop LPL from using any data in such manner.

July 30, 2024
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