Lightyear will not employ former executives from RCS and Cetera until September or until RCS bankruptcy plan is effective
Mar 21, 2016 @ 12:12 pm | By Bruce Kelly | Investment News
RCS Capital Corp. and its brokerage unit, Cetera Financial Group, have reached a settlement with Lightyear Capital in a dispute over Lightyear’s poaching of Cetera’s executives ranks.
The settlement stipulates that Lightyear and its affiliates will not hire or employ senior management of RCS Capital or its related companies, until September, according to a filing last Thursday as part of RCAP’s bankruptcy proceedings in U.S. Bankruptcy Court in Delaware. The settlement, which covers more than 40 senior RCAP and Cetera executives, still needs to be approved by the court.
Burdened by debt and the faltering sale of nontraded real estate investment trusts, RCAP entered bankruptcy protection at the end of January.
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