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PI sues former Victoria employee over defection

2023-05-31 20:13 ET - Street Wire

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by Mike Caswell

PI Financial Inc. has filed a broker defection lawsuit in the Supreme Court of British Columbia against Jeffrey Woods, an employee who left for Leede Jones Gable Inc. and took clients with him. The suit claims that Mr. Woods used confidential information to solicit clients to change firms. As PI sees things, his actions amounted to a breach of duty.

The allegations are contained in a notice of claim that PI filed at the Vancouver courthouse on Tuesday, May 30. The sole defendant is Mr. Woods, who worked at PI from June 18, 2016, until he resigned on Jan. 16, 2023. He worked from a branch in Victoria.

The suit arises from Mr. Woods's sudden departure from PI. According to the suit, he left the firm with no notice, advising that he was leaving immediately. In doing so, he breached his employment agreement, which required him to provide two weeks of notice, the suit states. The agreement also specified that Mr. Woods would not disclose or use PI's confidential information, the firm says. Instead, he took that information to his new employer, Leede, allowing that firm to target PI clients and solicit their business, the suit claims.

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