La Jolla resident Kristian Colvin said Thursday he won a case in a case involving his departure from Charles Schwab & Co., where he had worked for 10 years.
When he left in September 2009 to start his own financial advisory office with Emerson Equity LLC, Schwab sued in Superior Court, alleging Colvin misappropriated personal and financial information and made unauthorized use of the information to get Schwab customers to follow him to his new firm. Schwab also filed a claim for purported damages with the Financial Industry Regulatory Authority (FINRA).
The court denied Schwab’s request for injunctive relief, and found Colvin’s conduct permissible under existing law, Colvin said in a press release.
Despite that Schwab continued its efforts through the FINRA arbitration process. After a four-day trial, an aribtraion panel ruled in Colvin’s favor. He was represented by Jenny Goodman of Sullivan Hill Lewin Rez & Engel, who said the victory was “very satisfying. He went through a lot.”
Despite the ruling, Schwab sought to vacate the decision, claiming the panel was biased, according to Colvin.
The panel rejected the requested and ordered Schwab to pay Colvin $218,881.86 for the attorneys’ fees and expenses he had incurred in the litigation. Colvin said he received the payment this month and is happy to have the ordeal behind him.
Schwab was represented by Fish & Richardson. The attorney handling the case has yet to return a call requesting comment.