Bank of America sues ex-employees for stealing confidential data

Four former employees of the Bank of America stand accused of illegally copying a confidential database belonging to the bank’s U.S. Trust and taking it with them to the new firm in order to take advantage of the “comprehensive information regarding every aspect of a client or potential client’s financial information” in it.

The four and their current employer – Dynasty Financial Partners, a New York wealth management and financial technology firm – have been temporarily prohibited to take advantage of the information and of sharing it, but are still allowed to advise the clients they already have, Bloomberg reports.

Bank of America fights to get this instance recognized as trade-secret theft. It claims that the four had no right to take the records with them as they resigned, since the Bank and its U.S. Trust unit haven’t signed the agreement that the former employees claim gave them permission to take the data in question with them as they left.