Within two weeks of four advisors’ departure, Choreo’s Des Moines branch lost more than 100 clients, representing $400 million in assets under management, to the firm they joined.
Choreo, LLC, was not entitled to a “sweeping” preliminary injunction barring four of its former senior financial advisors, who left to work for a competing firm, from servicing the accounts of clients allegedly covered by the advisors’ restrictive covenants with Choreo, providing any information about their new employment to those clients, using Choreo’s confidential information for any purpose, or encouraging any employee of Choreo to quit during the period each restrictive covenant is in effect, the Eighth Circuit held. Although the permanent loss of customer goodwill can constitute irreparable injury, “[e]conomic loss, on its own, is not an irreparable injury so long as the losses can be recovered,” the financial harm from lost client revenues here will not be so uncertain that it renders the damages incalculable and therefore irreparable at law, and future harm resulting from Choreo’s current understaffing will occur with or without the requested relief (Choreo, LLC, v. Lors, No. 25-1706 (8th Cir. Jan. 12, 2026)).
Private equity acquisition. In 2022, a large private equity firm purchased Choreo, LLC, a national investment advisory firm. The private equity firm raised client fees and reduced advisor compensation, causing about a third of the office’s financial advisors to leave over the next...
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