Hunton Employment & Labor Perspectives

Historically, bank executives have faced civil liability for breach of contract and violations of state laws governing the misappropriation of trade secrets for misusing their employer’s confidential and proprietary information. However, a recent “notice of intent to prohibit” issued by the Federal Reserve indicates that bank executives may now face a much harsher consequence than mere civil liability for misappropriating their employers’ information — namely, a ban from the business of banking altogether.

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