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James Cowperthwait, the former managing director of Campbell, Cowperthwait & Co. who left the firm almost three weeks ago with most of its staff, is now feeling the legal backlash from the firm's parent company, U.S. Trust Co. of New York.
After watching its highly lucrative large-cap growth subsidiary unravel, U.S. Trust is suing all 22 defecting employees, from the president down to the marketing assistants, claiming breach of contract, the appropriation of client lists and trade secrets and even the improper use of Cowperthwait's name, which was sold to U.S. Trust.
Cowperthwait, who boasted 65%-plus returns in Campbell Cowperthwait's large-cap growth products last year, set up his own New York shop, Cowperthwait Partners, although a state supreme court judge enjoined him from using the name last Wednesday. A spokesperson for the firm said it was not clear what the firm's new name would be.
Cowperthwait did not return calls. The trust company contends in the suit that he is, in effect, trying to steal back the firm that he and co-principals William Campbell and Anthony Adams sold to U.S. Trust in 1992....