U.S. Bancorp files complaint against former agent

Two days after the ace financial consultant’s switch to The Signature Bank, U.S. Bancorp filed a legal complaint in Missouri district court alleging Cavner violated her confidentiality and nonsolicitation agreements by “improperly attempting to lure away” her former U.S. Bancorp clients.

The Sept. 8 complaint, sent anonymously to Springfield Business Journal, also said it appears “Cavner began liquidating customer money market accounts for trading, and then holding the money for deployment at her new firm.”

“Unfortunately, we have found out that people from Signature Bank … are calling people saying they need to come in to sign paperwork,” said Mike Johnson, U.S. Bancorp regional sales manager. “They don’t need to sign paperwork. They only need to sign paperwork in the event they want to transfer their accounts.”

David Kunze, The Signature Bank chairman and CEO, disputes the suit’s claims.

“We are not calling on any of Nadia’s past clients and asking them to come in and move their business and fill out paperwork,” Kunze said. “The Signature Bank is going to vigorously defend against the claims alleged in the lawsuit. We believe the claims are without merit.”

The two sides also disagree on the value of the investment portfolio Cavner left at U.S. Bancorp. Johnson said it’s $363 million, while Cavner and The Signature Bank have placed it at more than $450 million.

Cavner, who deferred comment related to the suit to Kunze, said she’s gotten a positive response from her old clients, though she wouldn’t say how many of them have followed her to The Signature Bank.

“It’s just been wonderfully overwhelming,” she said. “Clients (are) really following us.”

For more information about U.S. Bancorp's complaint, see the Sept. 26 issue of SBJ.