Columbia River Advisors LLC v. MKT and Associates LLC

CourtDistrict Court, W.D. Washington
DecidedSeptember 3, 2024
Docket3:24-cv-05696
StatusUnknown

This text of Columbia River Advisors LLC v. MKT and Associates LLC (Columbia River Advisors LLC v. MKT and Associates LLC) is published on Counsel Stack Legal Research, covering District Court, W.D. Washington primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Columbia River Advisors LLC v. MKT and Associates LLC, (W.D. Wash. 2024).

Opinion

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5 6 7 UNITED STATES DISTRICT COURT 8 WESTERN DISTRICT OF WASHINGTON AT TACOMA 9 10 COLUMBIA RIVER ADVISORS, LLC, CASE NO. 3:24-cv-05696-LK 11 Plaintiff, ORDER DENYING MOTION FOR 12 v. REMAND AND GRANTING IN PART AND DENYING IN PART 13 MKT AND ASSOCIATES, LLC et al., MOTION FOR TEMPORARY RESTRAINING ORDER 14 Defendants. 15

16 This matter comes before the Court on Plaintiff Columbia River Advisors, LLC’s 17 Emergency Motion for Remand and Attorneys’ Fees and Costs; and in the alternative, Temporary 18 Restraining Order. Dkt. No. 7. For the following reasons, the Court denies the motion for remand 19 but grants in part the request for a temporary restraining order. 20 I. BACKGROUND 21 Plaintiff Columbia River Advisors, LLC (“Columbia River”) is a registered investment 22 advisory firm based in Tacoma, Washington. Dkt. No. 1-1 at 3. Defendant Brian Scalabrine was a 23 founding member of Columbia River, and Defendant Matthew Keefe was hired in 2016. Dkt. No. 24 10 at 2; Dkt. No. 18 at 1. Keefe was hired as an employee with no ownership interest in Columbia 1 River. Dkt. No. 10 at 2; see also Dkt. No. 21-1 at 2. On July 1, 2017, Keefe became a member of 2 Columbia River and executed a Restricted Unit Award (“RUA”) Agreement that granted him 3 restricted units equivalent to nine percent ownership in Columbia River in exchange for his 4 agreement to non-competition and non-solicitation clauses. Dkt. No. 1-1 at 3, 16–18; Dkt. No. 21-

5 1 at 2. Those clauses prohibited Keefe from (1) “contribut[ing] his . . . knowledge” to an entity 6 engaged in the same or similar business for one year after leaving Columbia River, (2) soliciting 7 other Columbia River employees for one year following his departure, and (3) “directly or 8 indirectly, solicit[ing], contact[ing] . . . , attempt[ing] to contact or meet with” any “current, former 9 or prospective” Columbia River client for three years after leaving the firm. Id. at 17–18. The RUA 10 Agreement is governed by Washington law. Id. at 18. 11 On January 1, 2020, Keefe—along with Columbia River’s three other members, 12 Scalabrine, Benjamin Addink (the Managing Member at the time), and David Pruitte—signed an 13 updated LLC agreement entitled “Restated Limited Liability Company Agreement” (hereinafter 14 the “Operating Agreement”). Dkt. No. 1-1 at 22–49; Dkt. No. 10-2. The Operating Agreement

15 increased Keefe’s share in the company from nine percent to 31.67 percent. Dkt. No. 10-2 at 29. 16 As relevant to Columbia River’s motion, the Operating Agreement contains a provision permitting 17 withdrawal of a member upon “approv[al] by Members holding a Unanimous Interest”; “no 18 Member shall voluntarily resign or otherwise withdraw as a Member,” and if such prohibited 19 resignation or withdrawal occurs, the withdrawing member’s distributions will be limited to “those 20 distributions to which such Person would have been entitled had such Person remained a Member,” 21 and such distributions may be offset by monetary damages incurred as a result of the breach. Dkt. 22 No. 10-2 at 9–10. The Operating Agreement also includes an arbitration provision, which states in 23 relevant part:

24 1 15.9. Dispute Resolution. Any controversy, claim, or dispute arising out of or relating to this Agreement, or the alleged breach hereof shall be resolved by binding 2 arbitration by one arbitrator subject to the sole jurisdiction of the Judicial Arbitration and Mediation Service of Pierce County, Washington (“J.A.M.S.”). 3 Id. at 26. The Operating Agreement is governed by Delaware law. Id. 4 Beginning in late 2022, Keefe began to suspect that Addink was abusing his position as a 5 Columbia River member by, among other things, mismanaging and misappropriating Columbia 6 River funds. Dkt. No. 21-1 at 3. Keefe avers that he spent several months investigating Addink’s 7 actions and ultimately shared his concerns regarding “financial irregularities” with Scalabrine. 8 Dkt. No. 21-1 at 3–4. In November 2023, Keefe and Scalabrine formed a firm named “MKT and 9 Associates” without informing Addink and Pruitte. Dkt. No. 1-1 at 4. Then, on December 21, 2023, 10 Keefe and Scalabrine convened a special meeting of Columbia River’s members. Id. at 5; see also 11 Dkt. No. 10-3 at 2. Though they were the only two members in attendance at the meeting, Keefe 12 and Scalabrine voted to remove Addink as Columbia River’s Managing Member and replace him 13 with Keefe. Dkt. No. 1-1 at 4; Dkt. No. 10-3 at 2. 14 On January 8, 2024, Keefe signed Columbia River up for the Broker Protocol, which “is 15 an agreement by financial advisory member firms to a process by which registered representatives 16 . . . who leave one firm for another can contact their clients after leaving” if certain procedures are 17 followed. Dkt. No. 1-1 at 5; Dkt. No. 10-6 at 2; see also Dkt. No. 8-3 at 2–4. The Broker Protocol 18 provides that “[w]hen [registered representatives] move from one firm to another and both firms 19 are signatories to th[e] protocol, they may only take the following account information: client 20 name, address, phone number, email address, and account title of the clients that they serviced 21 while at the firm,” but they are otherwise “prohibited from taking any other documents or 22 information.” Dkt. No. 8-3 at 2. 23 24 1 On January 17, 2024, Keefe applied for approval from Columbia River’s Compliance 2 Committee for his “outside business activity” relating to MKT, which he described as a 3 “[c]onsulting [s]ervices” company that was not “an operating company” at that time and would 4 not require any of his time or result in any compensation to him. Dkt. No. 1-1 at 60.1 He agreed to

5 “notify the Compliance Committee of any change” in that information, and further agreed “not to 6 . . . share with [MKT] any information related to CRA and its activity, its clients, etc.” Id. His 7 request was approved the following day. Id. 8 On February 26, 2024, Keefe—as managing member of MKT—signed MKT up for the 9 Broker Protocol. Dkt. No. 9-2 at 2. Beginning no later than July 26, 2024, Keefe authorized the 10 transfer of various client information from Columbia River to MKT. See Dkt. No. 9 at 2; see also 11 Dkt. No. 9-3 at 2 (July 26 and 30, 2024 messages regarding transferring client data to MKT); Dkt. 12 No. 9-4 at 2 (July 28 and 31, 2024 requests from Keefe to eMoney to migrate Columbia River 13 client data to MKT); Dkt. No. 9-5 at 2–3 (July 30, 2024 confirmation from Redtail regarding a 14 scheduled August 1, 2024 client data transfer); Dkt. No. 19 at 2 (“In requesting the information

15 from Redtail, some additional client data in addition to Protocol-compliant data was transferred 16 into a new Redtail CRM database, which had the name keefe2.”). The transfer included 17 information from a Redtail database that included clients’ social security numbers, annual income, 18 dates of birth, names of children, and account balances. Dkt. No. 9 at 2; see also Dkt. No. 9-5 at 19 2–4. 20 On July 31, 2024, Keefe and Scalabrine each sent emails to Addink and Pruitte purporting 21 to resign their membership from, and membership interests in, Columbia River, effective 22 immediately. Dkt. No. 10-7 at 2; Dkt. No. 10-8 at 2. Keefe’s email added the following: “In 23

1 The Court notes that this approval appears to have been obtained pursuant to Columbia River’s “Policies & 24 Procedures Manual.” Id. The parties have not submitted this Manual to the Court. 1 accordance with the terms of the broker protocol, I am providing a copy of my client information 2 to . . . our CCO along with their account numbers.” Dkt. No. 10-7 at 2. 3 MKT began operating the following day, and Keefe and Scalabrine immediately began 4 soliciting Columbia River employees and clients. Dkt. No. 1-1 at 9–10; Dkt. No. 10 at 3. As of the

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Columbia River Advisors LLC v. MKT and Associates LLC, Counsel Stack Legal Research, https://law.counselstack.com/opinion/columbia-river-advisors-llc-v-mkt-and-associates-llc-wawd-2024.