Colorado Court Lets 2 Fiduciary Claims Against Advisor's Assistant Proceed

1 articles · Updated · Bloomberg Law · Aug 24

A Colorado federal judge refused to dismiss MidWestOne Bank's breach of fiduciary duty and aiding-and-abetting claims against a financial advisor's assistant.
The complaint says the assistant emailed confidential client information to her supervisor as the supervisor was leaving for a competitor, and the court found those allegations sufficient at the pleading stage.
The ruling turned on the court's finding that the assistant owed her employer a duty of loyalty, allowing MidWestOne's theory that she breached that duty to move forward.
The decision keeps alive a case centered on alleged misuse of client information during a competitive employee departure rather than ending it before discovery.