Ajamie LLP is suing Wells Fargo on behalf of financial advisors who involuntary forfeited their deferred compensation plans.
Read the Full ArticleA “financial advisor forfeits his rightfully earned deferred compensation if he becomes ‘associated’ (not even employed) with ‘any financial services businesses’ (which is not defined anywhere in the Plan), anywhere in the world, and irrespective of whether that financial advisor actually competes [with Wells Fargo] in his or her new employment, for a period of three years,” the claim says.
The plan does not have the “reasonable limitations that Texas law would require” in a non-compete contract, said David Siegel, a lawyer at Ajamie LLP in Houston, who represents the plaintiffs.