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Federal Judge Dismisses Case Against Advisors in Morgan Stanley Dispute

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A recent federal court decision brings some resolution to the ongoing legal battle between Morgan Stanley and a team of advisors who departed from the firm to establish their own independent registered investment advisor (RIA). While the judge’s ruling dissolved a temporary restraining order against the advisors, the dispute is far from over.

Both parties involved in the lawsuit have now agreed to put an end to the litigation in the district court in Florida’s Southern District, with the court dismissing the case “with prejudice.” This means that the matter will not be heard again in that particular venue.

The advisors at the center of the dispute, Trent Leyda, Kay Campione, and James Beindorf, have reestablished their practice as the SpirePoint Private Client RIA, located in Vero Beach, Florida. Morgan Stanley has accused them of soliciting their former clients and misappropriating sensitive information that belonged to the firm.

These allegations convinced the court to grant a temporary restraining order against the advisors, prohibiting them from contacting their former clients and demanding the return of any property owned by Morgan Stanley.

In response, the advisors filed court documents stating that they had not been reaching out to their former clients or taking any of Morgan Stanley’s property. They adamantly denied the allegations made against them.

Upon learning about the dismissal of the federal case and the lifting of the restraining order, the SpirePoint team expressed their relief.

“We are pleased that our clients now have the freedom to choose and that we can continue with the launch of our business,” says Brian Hamburger, an attorney representing the advisors.

Morgan Stanley has chosen not to comment on the matter at this time.

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