{"id":5582,"date":"2014-04-03T00:00:00","date_gmt":"2014-04-03T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2014\/04\/pnc_bank_sues_morgan_stanley_e"},"modified":"2022-03-11T09:18:38","modified_gmt":"2022-03-11T15:18:38","slug":"pnc-bank-sues-morgan-stanley-e","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/pnc-bank-sues-morgan-stanley-e\/","title":{"rendered":"PNC Bank Sues Morgan Stanley & Ex-Trust Adviser For \u201cSurreptitious Conspiracy\u201d"},"content":{"rendered":"\n

In U.S. District Court for the Western District of Pennsylvania, PNC Bank (PNC) is suing Emily Daly, one of its ex-trust advisers, and her employer Morgan Stanley (MS)<\/a>. According to InvestmentNews, The bank contends that Daly allegedly stole trade secrets, solicited its clients, and violated her employment agreement when she switched firms. Meantime, Morgan Stanley is accused of helping her bring over the confidential data about clients. <\/p>\n

Banks don\u2019t like it when advisers take their customers with them when they go to another firm and nonsolicitation agreements can be violated as a result. Also, under PNC\u2019s employment contract, employees are not allowed to take data that isn\u2019t general industry knowledge or from a public source when they leave a firm. The bank contends that Daly helped transfer over $250 million in client assets to Morgan Stanley, which allowed the firm to make fees of about $ 1 million. <\/p>\n

Daly even purportedly used her cell phone to take pictures of her computer screen when internal measures made it impossible to download lists of clients. Boxes of client data that were in Daly\u2019s office are said to have gone missing.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

In U.S. District Court for the Western District of Pennsylvania, PNC Bank (PNC) is suing Emily Daly, one of its ex-trust advisers, and her employer Morgan Stanley (MS). According to InvestmentNews, The bank contends that Daly allegedly stole trade secrets, solicited its clients, and violated her employment agreement when she switched firms. Meantime, Morgan Stanley […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3787],"tags":[],"class_list":["post-5582","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-morgan-stanley"],"yoast_head":"\nPNC Bank Sues Morgan Stanley & Ex-Trust Adviser For \u201cSurreptitious Conspiracy\u201d — Investor Lawyers Blog — April 3, 2014<\/title>\n<meta name=\"description\" content=\"In U.S. District Court for the Western District of Pennsylvania, PNC Bank (PNC) is suing Emily Daly, one of its ex-trust advisers, and her employer Morgan — April 3, 2014\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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