Legal
Wealth Advisors Hit With US Anti-Competition Class Action Claims – Report
Firms including Mariner Wealth are accused of colluding to rig the hiring and recruitment market, a report said.
A group of asset and wealth management companies including
Mariner
Wealth and American
Century Investments broke antitrust law by conspiring to
restrict employee recruitment and hiring, investment industry
workers claim in a proposed lawsuit, Reuters reported
yesterday.
Two former employees of TortoiseEcofin Investments, which is also
a defendant, filed the class action lawsuit, on Friday in Kansas
federal court, claiming that the companies depressed wages by
entering into "no-poach" agreements not to hire from one another,
the report said.
The lawsuit also named Montage Investments and the family-owned
private investment company 1248 Holdings LLC, formerly known as
Bicknell Family Holding Company, as defendants.
“This antitrust action concerns the rights of employees to free
and fair markets,” the lawsuit said.
The news service report said that representatives from 1248
Holdings, Mariner Wealth and TortoiseEcofin either had no
immediate comment or did not immediately respond to a request for
comment. A lawyer for Montage declined to comment.
The case is Jakob Tobler and Michelle McNitt v. 1248 Holdings LLC et al, US District Court for the District of Kansas, the report added.
