CANTER STRATEGIC WEALTH MANAGEMENT, LLC v. MICHAEL BERNIER; LPL FINANCIAL, LLC; and DOES 1 to 10, inclusive

District Court, S.D. California·Decided May 28, 2026·No. 3:24-cv-02439·Unknown

Opinion

UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF CALIFORNIA CANTER STRATEGIC WEALTH Case No.: 24-cv-2439-BJC-JLB

Plaintiff, ORDER GRANTING IN PART AND DENYING IN PART DEFENDANTS’ v. MOTIONS TO DISMISS [ECF NOS. 17, 18] MICHAEL BERNIER; LPL FINANCIAL, LLC; and DOES 1 to 10, inclusive, Defendants.

On December 23, 2024, Plaintiff Canter Strategic Wealth Management, LLC (“Canter”) filed this action alleging misappropriation of trade secrets, breach of contract, and state law claims arising from an employment agreement. ECF No. 1. Pending before the Court are Motions to Dismiss the First Amended Complaint filed by Defendants’ Michael Bernier (“Bernier”) and LPL Financial, LLC (“LPL”). ECF Nos. 17, 18. Plaintiff opposed [ECF Nos. 23, 24], and Defendants filed Replies. ECF Nos. 25, 26. For the reasons below, the Defendants’ Motions to Dismiss are GRANTED in part and DENIED in part.

I. Background Plaintiff employed Defendant Bernier as a Senior Wealth Advisor from January 3, 2019, until October 23, 2024. ECF No. 15 ¶ 26. When his employment began, Bernier and Plaintiff entered into an Employment Agreement that specified all of his current clients would be transferred to Canter, where Bernier would continue to provide services to them. Id. ¶ 29. In order to do his work, Bernier regularly accessed various kinds of sensitive information pertaining to both his clients and Plaintiff’s general business. Id. ¶ 26-27. Seeking to protect information it considered sensitive, Plaintiff had Bernier sign a “Confidentiality, Non-Solicitation & Non-Disparagement Agreement” (the “Confidentiality Agreement”) that was included in the Employment Agreement. Id. ¶ 37. This agreement required Bernier (i) to treat all Confidential Information as strictly confidential; (ii) not to directly or indirectly disclose, publish, communicate or make available Confidential Information, or allow it to be disclosed, published, communicated or made available, in whole or part, to any entity or person whatsoever . . . ; and (iii) not to access or use any Confidential Information, and not to copy any documents, records, files, media or other resources containing any Confidential Information, or remove such documents, records, files, media or other resources from the premises or control of Canter, except as required in the performance of [Bernier’s] authorized duties to Canter or with the prior consent of an authorized officer acting on behalf of Canter. Id. ¶ 43(emphasis added). Bernier further “agree[d] and covenant[ed], during one year, to run consecutively, starting on the date of terminating, that [he] w[ould] not use any of Canter’s trade secrets and/or confidential or proprietary information to directly or indirectly solicit the Clients of Canter, or to interrupt, disturb, or interfere with the relationships of Canter with its Clients.” Bernier also agreed to a buyout provision under which Plaintiff would have the right of first refusal to purchase Bernier’s client relationships to retain them as Plaintiff’s clients when Bernier left the company. Id. ¶ 31. On October 23, 2024, Defendant Bernier resigned from his position at Canter and began employment with Defendant LPL. Id. ¶ 54-55. Following Bernier’s departure, Plaintiff began an investigation into Bernier’s activity logs within Plaintiff’s computer systems. Plaintiff alleges it discovered that Bernier improperly accessed and copied Confidential and Proprietary Information (“CP Information”) and Trade Secrets in violation of the Confidentiality Agreement. Id. ¶ 63-64. Plaintiff also alleges that Bernier deleted files containing CP Information and Trade Secrets, and Plaintiff has been unable to recover some of this information. Id. ¶¶ 75, 229. Plaintiff alleges that Bernier used this information to solicit clients, and he harmed its reputation by intentionally manipulating client reports before he left. Id. ¶ 95-99. On December 23, 2024, Plaintiff filed its original Complaint with this Court. ECF No. 1. On February 7, 2025, both Defendants Bernier and LPL filed Motions to Dismiss. ECF Nos. 11, 12. On February 28, 2025, Plaintiff filed a First Amended Complaint (“FAC”), alleging the following claims based on the unauthorized access, copy, and use of its Trade Secrets and CP Information: Claim 1- misappropriation of trade secrets under the Defend Trade Secrets Act, 18 U.S.C. § 1836 (“DTSA”); Claim 2- misappropriation of trade secrets under California’s Uniform Trade Secrets Act, California Civil Code § 3426 (“CUTSA”); Claim 3- breach of contract; Claim 4 - engagement in unlawful, unfair, and fraudulent business acts in violation of California Business and Professions Code § 17200 (“Section 17200”); Claim 5- intentional interference with prospective economic advantage; Claim 6 - tortious interference with contractual relations; Claim 7- breach of fiduciary duty; Claim 8- breach of the duty of loyalty; Claim 9- refusal to return stolen property in violation of California Penal Code § 496; Claim 10- unauthorized access to Defendant’s digital data in violation of California Penal Code § 502; and Claim 11- conversion. ECF No. 15. On March 14, 2025, Defendants Bernier and LPL filed the present Motions to Dismiss the FAC pursuant to Federal Rule of Civil Procedure 12(b)(6), alleging that the FAC fails to state a claim upon which relief can be granted. ECF No. 17, 18. On April 18, 2025, Plaintiff filed Oppositions. ECF Nos. 23, 24. On April 25, 2025, Defendants filed Replies. ECF Nos. 25, 26. // II. Legal Standard A. Federal Rule of Civil Procedure 12(b)(6) Under Federal Rule of Civil Procedure 12(b)(6), a party may file a motion to dismiss on the grounds that a complaint “fail[s] to state a claim upon which relief can be granted.” Fed. R. Civ. P. 12(b)(6). A motion to dismiss under Rule 12(b)(6) “tests the legal sufficiency of a claim.” Navarro v. Block, 250 F.3d 729, 732 (9th Cir. 2001). To survive a motion to dismiss, “a complaint must contain sufficient factual matter, accepted as true, to ‘state a claim to relief that is plausible on its face.’” Ashcroft v. Iqbal, 556 U.S. 662, 678 (2009) (quoting Bell Atlantic Corp. v. Twombly, 550 U.S. 544, 570 (2007)); Fed. R. Civ. P. 8(a)(2). “A claim has facial plausibility when the plaintiff pleads factual content that allows the court to draw the reasonable inference that the defendant is liable for the misconduct alleged.” Id. “[D]etermining whether a complaint states a plausible claim is context specific, requiring the reviewing court to draw on its experience and common sense.” Id. at 663-64. “Factual allegations must be enough to raise a right to relief above the speculative level.” Twombly, 550 U.S. at 555. If Plaintiff “ha[s] not nudged [his] claims across the line from conceivable to plausible,” the complaint “must be dismissed.” Id. at 570. The complaint “must contain allegations of underlying facts sufficient to give fair notice and to enable the opposing party to defend itself effectively.” Starr v. Baca, 652 F.3d 1202, 1216 (9th Cir. 2011). In reviewing the plausibility of a complaint on a motion to di

Free access — add to your briefcase to read the full text and ask questions with AI

CANTER STRATEGIC WEALTH MANAGEMENT, LLC v. MICHAEL BERNIER; LPL FINANCIAL, LLC; and DOES 1 to 10, inclusive, (S.D. Cal. 2026).

CANTER STRATEGIC WEALTH MANAGEMENT, LLC v. MICHAEL BERNIER; LPL FINANCIAL, LLC; and DOES 1 to 10, inclusive (CANTER STRATEGIC WEALTH MANAGEMENT, LLC v. MICHAEL BERNIER; LPL FINANCIAL, LLC; and DOES 1 to 10, inclusive) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Related

Arista Records, LLC v. Doe 3
604 F.3d 110 (Second Circuit, 2010)
Bell Atlantic Corp. v. Twombly
550 U.S. 544 (Supreme Court, 2007)
Ashcroft v. Iqbal
556 U.S. 662 (Supreme Court, 2009)
Manzarek v. St. Paul Fire & Marine Insurance
519 F.3d 1025 (Ninth Circuit, 2008)
In Re Gilead Sciences Securities Litigation
536 F.3d 1049 (Ninth Circuit, 2008)
Careau & Co. v. Security Pacific Business Credit, Inc.
222 Cal. App. 3d 1371 (California Court of Appeal, 1990)
Leo v. Dunlap
260 Cal. App. 2d 24 (California Court of Appeal, 1968)
Riverside Sheriffs'assn. v. Bd. of Admin., Cal. Pub. Empl's'ret. Syst.
184 Cal. App. 4th 1 (California Court of Appeal, 2010)
The Retirement Group v. Galante
176 Cal. App. 4th 1226 (California Court of Appeal, 2009)
Stokes v. Dole Nut Co.
41 Cal. App. 4th 285 (California Court of Appeal, 1995)
Grozdanich v. Leisure Hills Health Center, Inc.
25 F. Supp. 2d 953 (D. Minnesota, 1998)
Reeves v. Hanlon
95 P.3d 513 (California Supreme Court, 2004)
Kelly Park v. Karen Thompson
851 F.3d 910 (Ninth Circuit, 2017)
Inteliclear, LLC v. Etc Global Holdings
978 F.3d 653 (Ninth Circuit, 2020)
Navarro v. Block
250 F.3d 729 (Ninth Circuit, 2001)
Sprewell v. Golden State Warriors
266 F.3d 979 (Ninth Circuit, 2001)
Alta Devices, Inc. v. LG Elecs., Inc.
343 F. Supp. 3d 868 (N.D. California, 2018)
Starr v. Baca
652 F.3d 1202 (Ninth Circuit, 2011)