JPMorgan Alleges Poaching in Lawsuit

Oct 24, 2008

As if things weren’t busy enough for JPMorgan Chase this week, on Thursday it filed a lawsuit against executive search firm The IDW Group, alleging breach of contract.

JPMorgan claims that New York-based IDW enticed employees to leave JPMorgan for positions elsewhere, including Citadel Investment Group.

The lawsuit alleges that the recruitment agency solicited Patrik Edsparr, a valued executive who resigned from JPMorgan in March and is currently serving as Citadel’s CEO for Europe and head of global fixed income business.

The lawsuit also notes that following Edsparr’s departure, JPMorgan soon lost five more employees to Citadel.

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