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Royal Bank of Canada
Symbol RY
Shares Issued 1,442,639,355
Close 2012-05-07 C$ 55.01
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Royal Bank's Voldeng appealing no-solicitation order

2012-05-08 14:00 ET - Street Wire

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by Mike Caswell

RBC Dominion Securities Inc.'s new Victoria employee, Randy Voldeng, may yet be able to contact his former clients. In a decision released on Friday, May 4, the Court of Appeal for British Columbia has granted him leave to appeal a decision that bars him from contacting clients he had served while working at his former employer, Edward Jones. An appeal judge has found that his argument against Edward Jones has sufficient merit that it should be heard.

The order Mr. Voldeng seeks to appeal was handed down on April 3, 2012, just weeks after he defected from Edward Jones. The firm had complained that he resigned without notice and the next day sent letters to a number of his 705 clients in which he explained to them the merits of switching to RBC. He did so in violation of his employment agreement, which specified that he was not to solicit clients for six months after leaving, Edward Jones claimed.

In opposing the order, Mr. Voldeng had argued that he had a duty to contact his former clients and tell them that he had changed firms. He denied soliciting them to move with him. He said he was simply allowing them to make an informed decision about where they may want to seek investment advice.

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