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

CourtDistrict Court, S.D. California
DecidedMay 28, 2026
Docket3:24-cv-02439
StatusUnknown

This text of 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) is published on Counsel Stack Legal Research, covering District Court, S.D. California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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

Opinion

1 2 3 4 5 6 7 8 UNITED STATES DISTRICT COURT 9 SOUTHERN DISTRICT OF CALIFORNIA 10 11 CANTER STRATEGIC WEALTH Case No.: 24-cv-2439-BJC-JLB 12 MANAGEMENT, LLC,

13 Plaintiff, ORDER GRANTING IN PART AND 14 DENYING IN PART DEFENDANTS’ v. MOTIONS TO DISMISS [ECF NOS. 15 17, 18] MICHAEL BERNIER; LPL FINANCIAL, LLC; and DOES 1 to 10, 16 inclusive, 17 Defendants. 18

19 On December 23, 2024, Plaintiff Canter Strategic Wealth Management, LLC 20 (“Canter”) filed this action alleging misappropriation of trade secrets, breach of contract, 21 and state law claims arising from an employment agreement. ECF No. 1. Pending before 22 the Court are Motions to Dismiss the First Amended Complaint filed by Defendants’ 23 Michael Bernier (“Bernier”) and LPL Financial, LLC (“LPL”). ECF Nos. 17, 18. Plaintiff 24 opposed [ECF Nos. 23, 24], and Defendants filed Replies. ECF Nos. 25, 26. For the 25 reasons below, the Defendants’ Motions to Dismiss are GRANTED in part and DENIED 26 in part. 27

28 1 I. Background 2 Plaintiff employed Defendant Bernier as a Senior Wealth Advisor from January 3, 3 2019, until October 23, 2024. ECF No. 15 ¶ 26. When his employment began, Bernier 4 and Plaintiff entered into an Employment Agreement that specified all of his current clients 5 would be transferred to Canter, where Bernier would continue to provide services to them. 6 Id. ¶ 29. In order to do his work, Bernier regularly accessed various kinds of sensitive 7 information pertaining to both his clients and Plaintiff’s general business. Id. ¶ 26-27. 8 Seeking to protect information it considered sensitive, Plaintiff had Bernier sign a 9 “Confidentiality, Non-Solicitation & Non-Disparagement Agreement” (the 10 “Confidentiality Agreement”) that was included in the Employment Agreement. Id. ¶ 37. 11 This agreement required Bernier 12 (i) to treat all Confidential Information as strictly confidential; (ii) not to directly or indirectly disclose, publish, communicate or make available 13 Confidential Information, or allow it to be disclosed, published, 14 communicated or made available, in whole or part, to any entity or person whatsoever . . . ; and (iii) not to access or use any Confidential Information, 15 and not to copy any documents, records, files, media or other resources 16 containing any Confidential Information, or remove such documents, records, files, media or other resources from the premises or control of Canter, except 17 as required in the performance of [Bernier’s] authorized duties to Canter or 18 with the prior consent of an authorized officer acting on behalf of Canter. 19 Id. ¶ 43(emphasis added). Bernier further “agree[d] and covenant[ed], during one year, to 20 run consecutively, starting on the date of terminating, that [he] w[ould] not use any of 21 Canter’s trade secrets and/or confidential or proprietary information to directly or indirectly 22 solicit the Clients of Canter, or to interrupt, disturb, or interfere with the relationships of 23 Canter with its Clients.” Bernier also agreed to a buyout provision under which Plaintiff 24 would have the right of first refusal to purchase Bernier’s client relationships to retain them 25 as Plaintiff’s clients when Bernier left the company. Id. ¶ 31. 26 On October 23, 2024, Defendant Bernier resigned from his position at Canter and 27 began employment with Defendant LPL. Id. ¶ 54-55. Following Bernier’s departure, 28 Plaintiff began an investigation into Bernier’s activity logs within Plaintiff’s computer 1 systems. Plaintiff alleges it discovered that Bernier improperly accessed and copied 2 Confidential and Proprietary Information (“CP Information”) and Trade Secrets in 3 violation of the Confidentiality Agreement. Id. ¶ 63-64. Plaintiff also alleges that Bernier 4 deleted files containing CP Information and Trade Secrets, and Plaintiff has been unable 5 to recover some of this information. Id. ¶¶ 75, 229. Plaintiff alleges that Bernier used this 6 information to solicit clients, and he harmed its reputation by intentionally manipulating 7 client reports before he left. Id. ¶ 95-99. 8 On December 23, 2024, Plaintiff filed its original Complaint with this Court. ECF 9 No. 1. On February 7, 2025, both Defendants Bernier and LPL filed Motions to Dismiss. 10 ECF Nos. 11, 12. On February 28, 2025, Plaintiff filed a First Amended Complaint 11 (“FAC”), alleging the following claims based on the unauthorized access, copy, and use of 12 its Trade Secrets and CP Information: Claim 1- misappropriation of trade secrets under the 13 Defend Trade Secrets Act, 18 U.S.C. § 1836 (“DTSA”); Claim 2- misappropriation of trade 14 secrets under California’s Uniform Trade Secrets Act, California Civil Code § 3426 15 (“CUTSA”); Claim 3- breach of contract; Claim 4 - engagement in unlawful, unfair, and 16 fraudulent business acts in violation of California Business and Professions Code § 17200 17 (“Section 17200”); Claim 5- intentional interference with prospective economic 18 advantage; Claim 6 - tortious interference with contractual relations; Claim 7- breach of 19 fiduciary duty; Claim 8- breach of the duty of loyalty; Claim 9- refusal to return stolen 20 property in violation of California Penal Code § 496; Claim 10- unauthorized access to 21 Defendant’s digital data in violation of California Penal Code § 502; and Claim 11- 22 conversion. ECF No. 15. 23 On March 14, 2025, Defendants Bernier and LPL filed the present Motions to 24 Dismiss the FAC pursuant to Federal Rule of Civil Procedure 12(b)(6), alleging that the 25 FAC fails to state a claim upon which relief can be granted. ECF No. 17, 18. On April 18, 26 2025, Plaintiff filed Oppositions. ECF Nos. 23, 24. On April 25, 2025, Defendants filed 27 Replies. ECF Nos. 25, 26. 28 // 1 II. Legal Standard 2 A. Federal Rule of Civil Procedure 12(b)(6) 3 Under Federal Rule of Civil Procedure 12(b)(6), a party may file a motion to dismiss 4 on the grounds that a complaint “fail[s] to state a claim upon which relief can be granted.” 5 Fed. R. Civ. P. 12(b)(6). A motion to dismiss under Rule 12(b)(6) “tests the legal 6 sufficiency of a claim.” Navarro v. Block, 250 F.3d 729, 732 (9th Cir. 2001). 7 To survive a motion to dismiss, “a complaint must contain sufficient factual matter, 8 accepted as true, to ‘state a claim to relief that is plausible on its face.’” Ashcroft v. Iqbal, 9 556 U.S. 662, 678 (2009) (quoting Bell Atlantic Corp. v. Twombly, 550 U.S. 544, 570 10 (2007)); Fed. R. Civ. P. 8(a)(2). “A claim has facial plausibility when the plaintiff pleads 11 factual content that allows the court to draw the reasonable inference that the defendant is 12 liable for the misconduct alleged.” Id. “[D]etermining whether a complaint states a 13 plausible claim is context specific, requiring the reviewing court to draw on its experience 14 and common sense.” Id. at 663-64. “Factual allegations must be enough to raise a right to 15 relief above the speculative level.” Twombly, 550 U.S. at 555. If Plaintiff “ha[s] not 16 nudged [his] claims across the line from conceivable to plausible,” the complaint “must be 17 dismissed.” Id. at 570.

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CANTER STRATEGIC WEALTH MANAGEMENT, LLC v. MICHAEL BERNIER; LPL FINANCIAL, LLC; and DOES 1 to 10, inclusive, Counsel Stack Legal Research, https://law.counselstack.com/opinion/canter-strategic-wealth-management-llc-v-michael-bernier-lpl-financial-casd-2026.