Merrill Lynch Sues Schwab, Dynasty Over ‘Corporate Raid’ (1)

Charles Schwab & Co. Inc., Dynasty Financial Partners LLC, and a group of investment advisers illegally schemed to poach around $129 billion in client investments, Merrill Lynch said in a lawsuit.

Dynasty and shareholder Schwab helped Merrill Lynch’s global corporate and institutional advisory services business engage in a “pre-meditated corporate raid” to create a new, independent financial advisory firm called OpenArc Corporate Advisors LLC.

The new registered investment advisory firm planned to bring over the 170-member Atlanta-based Merrill Lynch team as well as their clients, according to a complaint filed Tuesday in the US District Court for the Northern ...