Three former employees of a U.S. bank are accused of attempting to solicit wealthy clients, according to a legal claim.
In a recent development, three former wealth managers from U.S. Bank have left the company and joined RBC Wealth Management on April 15. The departure has led to a legal dispute, as U.S. Bank has filed a lawsuit against James Kirk, Darcy Frederickson, and Jason Beumer for soliciting clients after quitting their roles.
According to the court filing, the bank is seeking compensatory damages, attorneys' fees, and a temporary restraining order to prevent the three former wealth managers from soliciting U.S. Bank customers and from using its confidential information. The hearing for the temporary restraining order is set for May 15.
U.S. Bank's lawsuit alleges that the trio contacted 24 customers on or soon after April 15, who collectively manage nearly $700 million in assets and generate around $4 million in annual revenue for the bank. At least one of these customers has informed U.S. Bank that they will be moving their relationship to RBC Wealth Management to work with Kirk and Beumer.
One customer contacted by Frederickson told U.S. Bank that Frederickson offered to move the customer's relationship to RBC Wealth Management and disparaged U.S. Bank in the process. The three former wealth managers are accused of aggressively pursuing their U.S. Bank customers to induce them to leave or solicit their business.
Through its own investigation, U.S. Bank found that the trio had deleted all U.S. Bank client information from their phones before joining RBC. However, an attorney for Kirk, Frederickson, and Beumer did not immediately respond to a request for comment.
The lawsuit also states that if a significant number of U.S. Bank's clients move their business to RBC Wealth Management due to the solicitation by the three former wealth managers, it could result in significant losses for U.S. Bank. It is important to note that the outcome of the lawsuit and the date for the temporary restraining order hearing in this case are not publicly reported in these sources as of July 2025.
The three former wealth managers worked primarily with clients who had between $10 million and $75 million in assets. All three had signed contracts with U.S. Bank, restricting their use of confidential information and agreeing not to solicit U.S. Bank clients after their employment.
As this story develops, more information about the case, the hearing, and the potential outcomes will likely become available. Stay tuned for updates.
- The legal dispute between U.S. Bank and the three former wealth managers, James Kirk, Darcy Frederickson, and Jason Beumer, extends beyond the case of soliciting clients, as the bank also alleges that significant losses could occur if a considerable number of their clients switch to RBC Wealth Management due to solicitation by the trio.
- The departure of the three wealth managers from U.S. Bank, who worked primarily with business clients managing millions in assets, has not only led to a lawsuit but also raises concerns in the general-news sphere regarding the implications of this case, particularly in the field of finance and crime-and-justice.
