19:02:29 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



National Bank of Canada
Symbol NA
Shares Issued 338,015,191
Close 2016-12-23 C$ 55.14
Market Cap C$ 18,638,157,632
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National Bank sues over $790-million defection

2016-12-28 10:58 ET - Street Wire

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by Mike Caswell

National Bank Financial Ltd. has filed a lawsuit in the Supreme Court of British Columbia against a group of employees who defected from its downtown Vancouver branch en masse in October. According to the suit, the group took thousands of clients, representing $790-million in assets. The group also took confidential information from National Bank, with some of the data leaving the office in boxes in the middle of the night, National Bank says.

David Lepoidevin
CANACCORD
David Lepoidevin

The allegations are contained in a notice of claim filed at the Vancouver courthouse on Dec. 22, 2016. The suit targets former senior vice-president David Lepoidevin, an employee of 17 years, and 12 other ex-employees who reported to him. The group managed $1.13-billion in assets, with its revenue representing 40 per cent of the Vancouver branch's entire sales, National Bank says. The group now works at Canaccord Genuity Corp.

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appears skullduggery is sanctioned by Investment Dealers and IIROC

Posted by oh at 2016-12-28 11:20

@ oh"appears skullduggery is sanctioned by Investment Dealers and IIROC"

Yes, you'd think that alleged conduct of this sort would (and should, IMO)attract the attention of IIROC.

Of course, when reading SW's releases of IIROC hearings, sanctions, etc., it seems to take years before matters are investigated, heard and concluded, so perhaps National wants to speed matters up.

Hope that the Supreme Court has some free time on its calendar.

Posted by harpinder at 2016-12-28 14:00

Hmmm... What do you think National Bank's response would have been to these brokers, if they had told them in advance, of their plans to leave the firm? They would have been immediately frog-marched out of the building. The departing brokers would have no contact information for their clients. All their clients would have been raided, and the book of business that they developed, would have been savaged. This has been the standard operating procedure, for a long time. I admit that I have no love for National Bank.

Posted by just me at 2016-12-29 09:54


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