Non Competes at Banks

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Oct 20, 2006 12:37 pm

JUst curious to know if a non - compete is enforcable when the employee is terminated in New york. I read on some sites that is was not enforcable or very limited. Not terminated b/c an employee acted fraudulently, but was let go. Can these banks/firms hold you to these non compete agreements.

As well, what is the usual step by step process of transfering your clients out?

Oct 20, 2006 12:58 pm

If you are in a right to work state, I have heard they cannot stop you from working.  I have also heard they usually can get the “training cost” out of you.  Good luck.

Oct 20, 2006 2:52 pm

Seek legal counsel.

Oct 20, 2006 3:10 pm

The question may not be is it enforcable, but rather will they try to enforce it by taking you to arbitration over breach of contract.  Regardless of whether they have a case, it will cost you a boatload of money and you will most likely come to a settlement to avoid risk of losing in arbitration and substantially more money.  It only costs a firm about $1000 to file an arbitration claim against you and make your life suck.