Munger Tolles Obtains Defense Victory on Behalf of Citigroup

Munger, Tolles & Olson recently secured a complete defense verdict on behalf of Citigroup in an unfair competition case brought by Oppenheimer & Co. and concerning Citigroup's recruiting of top producing financial consultants from Oppenheimer's Los Angeles office. Oppenheimer sought $19 million damages based on allegations that the recruiting effort constituted unfair competition and involved misappropriation of trade secrets. 
In an unusually detailed written decision issued Jan. 4, 2011, the FINRA arbitration panel found that Oppenheimer had failed to prove any misconduct, and the panel assessed approximately $100,000 in costs against Oppenheimer for the 50-day hearing. 
Munger Tolles attorneys working on the case include George M. Garvey, James C. Rutten and Lindsay D. McCaskill.