J.P. Morgan Securities LLC has filed a complaint and an application for Temporary Restraining Order and Injunctive Relief against Matthew R. Madera.
The action at the Illinois Northern District Court is for a temporary restraining order and a preliminary injunction to maintain the status quo pending resolution of an arbitration proceeding between JPMorgan and Defendant that concurrently is being filed with FINRA Dispute Resolution.
The dispute arouse out of Madera’s resignation from JPMorgan on October 6, 2025, and the immediate commencement of his affiliation with LPL Financial LLC, a competitor of JPMorgan.
At the time of the resignation of his employment, Madera worked as a Private Client Advisor in a bank branch office of JPMorgan Chase Bank, N.A. (“JPMorgan Chase”), an affiliate of JPMorgan, in Bolingbrook, Illinois.
JPMorgan has learned that since resigning from JPMorgan and joining LPL, Madera has solicited numerous JPMorgan clients to move their accounts from JPMorgan to him at LPL.
JPMorgan alleges that Madera is calling JPMorgan clients, sometimes on multiple occasions and often on the clients’ personal cell phone, seeking to induce such clients to transfer their accounts from JPMorgan to him at his new firm.
In addition, JPMorgan says that, on information and belief, Madera took with him to LPL JPMorgan’s confidential client information, including client contact information, such as cell phone numbers, which, on information and belief, are generally not publicly available, without which he would have been unable to call and solicit JPMorgan clients so quickly after he resigned from JPMorgan.
JPMorgan claims that approximately 16 JPMorgan households, with assets totaling approximately $12 million, already have transferred their accounts to Madera at LPL.
At the time he left JPMorgan, Madera serviced approximately 270 JPMorgan households with approximately $127 million in total assets under supervision, the vast majority of which were either pre-existing JPMorgan clients at the time they were assigned to Madera, or were developed by him at JPMorgan with JPMorgan’s assistance.
JPMorgan alleges that the defendant’s conduct constitutes a breach of his agreements with JPMorgan (which contain non-solicitation and confidentiality provisions) and a violation of his common-law obligations to JPMorgan.
JPMorgan seeks immediate injunctive relief (in the form of a temporary restraining order and a preliminary injunction) barring Defendant from soliciting JPMorgan’s clients, and barring him from further using JPMorgan’s confidential and proprietary business and client information, pending resolution of JPMorgan’s claims against him in a related arbitration that JPMorgan is in the process of commencing.
