Asset manager Vanguard and former advisor Matthew Snipes have agreed to end their legal battle, which started when Snipes left the company to establish his own independent practice.
Vanguard claimed that Snipes, who managed $4.75 billion in client assets during his time at Vanguard, violated a one-year nonsolicitation agreement by requesting clients to transfer their accounts to his new firm.
Both Vanguard and Snipes, now CEO of Topsail Wealth Management, have confirmed that they are satisfied with the resolution reached in this case. However, the specific terms of the settlement remain confidential.
Vanguard officially filed a notice of the agreement on October 2nd in the U.S. District Court for the Western District of North Carolina. As part of the settlement, both parties have agreed to dismiss their claims and counterclaims with prejudice, thus preventing the possibility of refiling the suit.
While Vanguard is well-known for its funds and asset management services, it also operates a wealth management business catering to ultrawealthy clients. Snipes focused on this high-net-worth clientele during his tenure at Vanguard, with the majority of his clients having invested at least $15 million with the company, according to Vanguard's legal complaint.
In early 2022, Snipes left Vanguard to establish Topsail Wealth Management in Charlotte, N.C. Vanguard subsequently filed a lawsuit against Snipes in June 2022, accusing him of breaching his contract and misappropriating trade secrets. Snipes has denied these allegations.
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