Wealth Advisors Hit With US Anti-Competition Class Action Claims – Report

Editorial Staff February 27, 2024

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.

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