Wealth Management Companies Hit With Class Action Lawsuit Arising From Anticompetitive Recruitment Practices Featured

Asset/Wealth management firms accused of violating antitrust laws by stifling employees rights to free and fair market.

A group of asset and wealth management companies are accused of violating antitrust laws by conspiring to depress wages as well as to restrict employee recruitment and hiring according to a recently filed class action lawsuit.

Defendants named in the lawsuit include:

  • 1248 Holdings, LLC. f/k/a Bicknell Family Holding Company
  • Mariner Wealth Advisors, LLC. f/k/a Mariner Holdings, LLC.
  • Montage Investments, LLC.
  • Mariner LLC f/k/a Mariner Wealth Advisors LLC.
  • Mariner Capital Advisors, LLC.
  • Tortoise Capital Advisors, LLC.
  • TortoiseEcofin Investments, LLC.
  • American Century Companies, Inc.
  • American Century Services, LLC.
  • American Century Investment Management Inc.

Defendants Conspired To Depress Employee Rights To Free And Fair Markets.

The lawsuit claims that the Defendants depressed wages by entering into “no-poach” agreements not to hire from one another. In so doing Defendants violated employee rights to “free and fair markets.”

The U.S. Justice Department and Federal Trade Commission in 2016 issued new guidance for human resources officials that warned of the possibility of criminal cases targeting no-poach agreements.

Last year, the FTC under Chair Lina Khan proposed a rule that would ban non compete clauses in employment contracts.

The complaint said Mariner employs more than 1,500 employees, and American Century employs more than 1,400.

Montage signed a non-prosecution agreement, opens new tab with the Justice Department last year over claims that it sought to curb employee competition from 2014 to 2018. The government said the recruiting practices of Montage and its related entities, including Mariner Wealth Advisors, formerly known as Mariner Holdings, violated antitrust law.

As part of the Justice Department deal, Montage agreed to pay $1 million to compensate current and former employees of the company.

Protect Your Freedom To Choose Employment. Join the Asset Wealth Management Class Action.

If you are employed in the asset/wealth management field at anytime on or after March 1, 2014 (class period) you may be entitled to compensation.

The lawsuit seeks to ensure that Defendants cease their anticompetitive behaviors to stifle employee rights to free and fair markets. It also seeks compensatory and punitive damages for employees as a result of employers past illegal agreements.

Please complete the form shown on this page and an Antitrust attorney will contact you. There is no cost to you and no obligation on your part.


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