Cadence Bank v. Heritage Family Offices LLP

CourtDistrict Court, D. Arizona
DecidedMarch 6, 2024
Docket4:23-cv-00124
StatusUnknown

This text of Cadence Bank v. Heritage Family Offices LLP (Cadence Bank v. Heritage Family Offices LLP) is published on Counsel Stack Legal Research, covering District Court, D. Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Cadence Bank v. Heritage Family Offices LLP, (D. Ariz. 2024).

Opinion

1 WO 2 3 4 5 6 IN THE UNITED STATES DISTRICT COURT 7 FOR THE DISTRICT OF ARIZONA

9 Cadence Bank, No. CV-23-00124-TUC-SHR

10 Plaintiff, Order Re: Defendant’s Motion to Dismiss 11 v.

12 Heritage Family Offices L.L.P.,

13 Defendant. 14 15 16 Pending before the Court is a Motion to Dismiss filed by Defendant Heritage Family 17 Offices, L.L.P. (“Defendant”) pursuant to Federal Rules of Civil Procedure 12(b)(3) and 18 12(b)(6). (Doc. 10.) Defendant filed its Motion and Plaintiff Cadence Bank, f/k/a 19 BancorpSouth Bank, a Mississippi corporation (“Plaintiff”) filed a Response. (Doc. 14.) 20 For the reasons stated below, the Court grants in-part and denies in-part Defendant’s 21 Motion.1 22 I. FACTUAL AND PROCEDURAL BACKGROUND 23 The following facts are taken from the Complaint (Doc. 1) and construed in the light 24 most favorable to Plaintiff. 25 1Although Plaintiff requested oral argument (Doc. 14 at 1), the Court declines 26 because oral argument will not aid in resolution of the issues raised. See LRCiv 7.2(f) (“The Court may decide motions without oral argument.); Fed. R. Civ. P. 27 78; Partridge v. Reich, 141 F.3d 920, 926 (9th Cir. 1998) (“[A] district court can decide the issue without oral argument if the parties can submit their papers to the court.”); see 28 also Bach v. Teton Cty. Idaho, 207 F. App’x 766, 769 (9th Cir. 2006) (“Due process does not require the district court to hold oral argument before ruling on pending motions.”) 1 A. Parties 2 Plaintiff is a financial services company offering “wealth management and financial 3 advisory services to its customers.” (Doc. 1 ¶¶ 6, 11.) This includes investment and 4 financial advice to clients through its wealth management team. (Id. ¶ 11.) At the relevant 5 time, Infinex Investments, Inc. (“Infinex”) was the “broker-dealer with whom Plaintiff 6 participated as a subscriber under an Investment Services Agreement.” (Id.) “During the 7 period relevant to this action, Infinex acted as broker-dealer for Plaintiff’s registered 8 agents, supervising and sponsoring their advising services in accordance with the Financial 9 Industry Regulatory Authority and applicable law.” (Id.) “Under the Investment Services 10 Agreement, certain employees of Plaintiff enter into a Registered Representative 11 Agreement (‘Agreement’) with Infinex, in which Plaintiff (‘Subscriber’ in the Agreement) 12 is identified as a third-party beneficiary of the Agreement.” (Id. ¶ 12.) The Agreement 13 imposes various obligations on employees and requires them to follow the terms of 14 Plaintiff’s Code of Business Conduct and Ethics Policy. (Id. ¶¶ 13–15.) 15 Plaintiff alleges Defendant is an Arizona limited liability partnership who offers 16 “brokerage and investment services for [its] customers and perform[s] the same, or 17 substantially the same, functions” as Plaintiff “connected with the banking, financial 18 services, and investment industry.” (Doc. 1 ¶¶ 7, 19.) 19 B. Thomas’s Employment 20 On April 29, 2019, Plaintiff hired Zachary Thomas “to provide investment services 21 to its customers.”2 (Doc. 1 ¶¶ 3, 16.) On that date, Thomas entered into the Agreement 22 with Infinex. (Id. ¶¶ 16–17.) On or around June 24, 2022, Thomas resigned from his 23 position with Plaintiff. (Id. ¶ 19.) According to Plaintiff, “Thomas became an employee 24 of Defendant” sometime “before, upon, or shortly” after the resignation. (Id.) 25 Plaintiff alleges “Thomas contacted certain of Plaintiff’s employees to induce them 26 to leave their employment with Plaintiff, or to solicit them for employment with 27 Defendant.” (Doc. 1 ¶ 20.) Plaintiff also alleges Thomas “solicited Plaintiff’s customers 28 2At the time of the hire, Cadence Bank was known as BancorpSouth. (Doc.1 n.1.) 1 to move business from Plaintiff and to Thomas or Defendant.” (Id. ¶ 21.) According to 2 Plaintiff, its counsel sent Thomas a letter on June 27, 2022, informing Plaintiff he was 3 violating the Agreement and he needed to immediately “cease and desist his conduct.” (Id. 4 ¶ 24.) Thomas did not respond to the letter. (Id.) 5 C. Preliminary Injunction in Texas 6 On July 1, 2022, Plaintiff obtained a preliminary injunction (the “Injunction”) 7 against Thomas in a state court in Texas. (Doc. 1 ¶ 25.) The Injunction “prohibited Thomas 8 from contacting or soliciting Plaintiff’s customers.” (Id.) According to Plaintiff, the 9 Injunction “was extended several times, and a temporary restraining order (‘TRO’) against 10 Thomas and others acting in concert with Thomas, including Defendant, was issued on 11 August 29, 2022.” (Id.) 12 D. Current Lawsuit and Motion 13 On March 10, 2023, Plaintiff filed the current lawsuit. (Doc. 1.) Plaintiff brings 14 eight causes of action against Defendant: (1) violation of the Defend Trade Secrets Act, 18 15 U.S.C. § 1836; (2) violation of the Arizona Uniform Trade Secrets Act, A.R.S. § 44-401 et 16 seq.; (3) intentional inference with contractual relations and business expectancies; (4) 17 aiding and abetting breach of fiduciary duty; (5) aiding and abetting conversion; (6) unjust 18 enrichment; (7) unfair competition/misappropriation; and (8) civil conspiracy. (Id. ¶¶ 27– 19 78.) 20 Defendant now “moves for dismissal under Fed. R. Civ. P. 12(b)(3) and 12(b)(6) 21 because (1) the entire lawsuit is premised upon an agreement that was terminated by 22 Plaintiff and that termination rendered the operative provisions of the agreement null and 23 void; (2) if the agreement remains viable, venue is improper in this Court under the 24 applicable forum selection clause; (3) Plaintiff has failed to plead facts essential to its 25 claims under the Defen[d] . . . Trade Secrets Act (‘DTSA’) and the Arizona Uniform Trade 26 Secret[s] Act, (‘AUTSA’); and (4) Plaintiff’s common law tort claims are preempted by 27 the AUTSA and otherwise fail to state an actionable claim.” (Doc. 10 at 1.) 28 . . . . 1 II. LEGAL STANDARDS 2 A. 12(b)(3) Standard 3 Under Federal Rule of Civil Procedure 12(b)(3), a party may move for dismissal of 4 an action that has been brought in an improper venue. If venue is improper, the Court must 5 either dismiss the case or, “if it be in the interest of justice, transfer [the] case to any district 6 or division in which it could have been brought.” 28 U.S.C. § 1406(a). Once a defendant 7 challenges venue, the plaintiff bears the burden of establishing that venue is proper. 8 Piedmont Label Co. v. Sun Garden Packing Co., 598 F.2d 491, 496 (9th Cir. 1979). When 9 considering a motion to dismiss pursuant to Rule 12(b)(3), a court need not accept the 10 pleadings as true and may consider facts outside of the pleadings. See Murphy v. Schneider 11 Nat’l, Inc., 362 F.3d 1133, 1137 (9th Cir. 2004). The Court must draw all reasonable 12 inferences and resolve all factual conflicts in favor of the plaintiffs. See id. at 1138. 13 B.

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Cadence Bank v. Heritage Family Offices LLP, Counsel Stack Legal Research, https://law.counselstack.com/opinion/cadence-bank-v-heritage-family-offices-llp-azd-2024.