LPL Blasts Ameriprise Recruiting Suit as ‘Public Relations Stunt’
October 23, 2024 by Dinah Wisenberg Brin
LPL Financial, facing multiple lawsuits by competitor Ameriprise Financial over advisor recruiting practices, fired back in two cases last week, accusing Ameriprise of abusing the courts and trying to chill competition for financial professionals and clients.
“This action is a public relations stunt masquerading as a lawsuit,” LPL said in an Oct. 17 filing in U.S. District Court for Southern California, where Ameriprise alleged in July that LPL engages in “shocking” recruiting tactics that encourage financial advisors to bring confidential client information with them.