Content area
Full text
FINANCE: First Foundation moves to countersue
Opus Bank is suing over what it calls a theft of its employees by smaller rival First Foundation Bank.
Irvine-based Opus, the second largest bank by assets based in Orange County, is suing Irvine-based First Foundation in Orange County Superior Court for unlawfully hiring nine executives, including Opus' director of income-property banking.
"Opus alleges that First Foundation has engaged in an aggressive and illegal campaign to target, solicit and hire away key Opus employees," said an Opus court filing. "Former Opus employees now employed by First Foundation contact Opus employees and encourage the Opus employees to breach their duties of confidentiality."
First Foundation, the fourth largest bank by assets based in OC, responded last week by filing a motion to countersue.
"We believe Opus' lawsuit is utterly without merit," Betty Shumener, an attorney for First Foundation, said in an interview. "The Opus lawsuit is a vehicle designed to disrupt First Foundation's business. It's a harassment case from a competitor." First Foundation's lawyers further say that the Opus workers left because of a hostile work environment.
Neither Opus Bank spokesperson Jeff Leonard nor its attorney, Peter Bertrand, returned messages seeking comment.
Brawling Bank CEOs
The case is between two chief executives who used to work...