Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Callahan

265 F. Supp. 2d 440 (2003)

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Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Callahan

United States District Court for the District of Vermont
265 F. Supp. 2d 440 (2003)

AR

Facts

Cornelius Callahan and John Polanshek (defendants) resigned from their financial-analyst positions at Merrill Lynch, Pierce, Fenner & Smith, Inc. (plaintiff). When they left, Callahan and Polanshek took a list of client contact information. Callahan and Polanshek contacted these clients twice, and Merrill Lynch moved for a temporary restraining order and permanent injunction prohibiting Callahan and Polanshek from using the client list. Merrill Lynch argued that it had trained Callahan and Polanshek and that they had signed noncompetition agreements that stated the client list belonged to Merrill Lynch. In support of Merrill Lynch’s claim, a Merrill Lynch employee testified that clients greatly value the confidentiality of their personal information. The employee also testified that it was difficult to predict future revenues from accounts because of changes in the stock market and the client’s life but that client referrals were the lifeblood of the business and these were hard to predict. Finally, the employee stated that Callahan and Polanshek’s departure with the list had hurt office morale and could lead to other employees leaving the firm.

Rule of Law

Issue

Holding and Reasoning (Sessions, C.J.)

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