Guy Carpenter gets TRO against execs snagged by LocktonPosted On: May. 31, 2019 2:10 PM CST
Guy Carpenter & Co. LLC has obtained a temporary restraining order forbidding three executives who left the firm in March to join Lockton Cos. LLC from soliciting any of its employees or clients from the previous two years, as well as from performing services or providing products that the reinsurance intermediary sells.
A hearing on a preliminary injunction is scheduled for June 4, according Thursday’s filing with the U.S. District Court in New York in Guy Carpenter & Co. LLC and Marsh & McLennan Cos. Inc. v. Timothy Gardner, Nicholas Durant, and Claude Yoder.
Lockton said in March it had formed a global reinsurance business called Lockton Global Re and hired the three executives. Mr. Gardner was chief executive officer of Guy Carpenter’s North America operations; Claude Yoder was managing director and global chief innovation and product development officer; and Mr. Durant was managing director and former president of Marsh Captive Solutions. All three were New York-based.
The temporary restraining order, which cites the men’s restrictive covenant agreements, states they are also enjoined “from engaging in any subterfuge to circumvent these prohibitions,” and from disclosing any of Guy Carpenter’s trade secrets or other confidential information to Lockton.
Lockton said a statement, “In the wake of industry consolidation, a number of talented industry professionals have determined that the best place to build a career in reinsurance brokerage is with Lockton. We look forward to the opportunity to contest the allegations made by Guy Carpenter.”
A Guy Carpenter spokesman could not immediately be reached for comment.
Lockton has recently filed litigation in multiple courts alleging rival brokerage Alliant Insurance Services Inc. poached more than two dozen staff, which reflects a market where talent is scarce, say observers.