Bank of America (NYSE:BAC) Sues Four Former Employees for Theft

Bank of America (NYSE:BAC) has filed a lawsuit against four former employee, alleging they took proprietary trade secrets to their new employer, Dynasty Financial Partners, calling it a “coordinated attack” by them on the company.

The lawsuit was filed Wednesday in New York, where Bank of America said when the employees left, they asserted in their resignation letters that they were free to depart with the trade secrets because the recruiting agreement was voluntary.

According to the lawsuit, neither Bank of America, or U.S. Trust, signed any agreement to that effect. The former employees worked at the U.S. Trust unit of BofA, which was acquired in 2006 by them.

Also named in the lawsuit was Dynasty Financial.

Bank of America closed Wednesday at $12 even, up $0.43, or 3.72 percent.