The Federal Court has set aside seven days in March to hear a dispute brought by Fortrend Securities that alleges two of its former brokers conspired with future employer Shaw and Partners to take confidential information and lure Fortrend’s clients.
Hearings in the case between Fortrend and the two men, Christopher Wollermann and Stephen Lyle, will start on March 18, 2024, in front of Justice John O’Callaghan after efforts to mediate the matter failed.
Fortrend has claimed the pair’s actions saw it lose 43 clients estimated to be worth $28 million.
Fortrend first lodged its claim earlier this year, alleging that in June last year the two brokers “entered into a scheme to appropriate FSA [Fortrend] property from FSA, and solicit FSA clients to Shaw”.
It claimed the pair downloaded “FSA property from FSA servers and the devices onto personal USB drives”, told clients they were moving to Shaw, and accused them of “conspiring with Shaw to solicit FSA clients” in breach of their employment contracts.
Fortrend also alleges that “Shaw knew or should have known that the conduct of Wollermann and Lyle to which they were party, was in breach of Wollermann’s and Lyle’s duties to FSA, and that the FSA property they received was confidential”.
“FSA has lost and will lose significant commissions and fees it would have earned,” Fortrend claimed. “FSA has also had its property destroyed and has suffered, and is suffering, reputational harm.”
Mr Wollermann, Mr Lyle and Shaw are defending the claim, and have denied taking any confidential information from Fortrend.
The pair had to hand over personal mobiles, laptops and USB drives earlier this year. According to an earlier judgment, on the day of his departure Mr Wollermann told his
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