Litigation Team Wins Third Circuit Appeal for LPL Financial

In March 2017, Ropes & Gray won a verdict on all counts for client LPL Financial and related entities after a five day jury trial in the U.S. District Court for the District of New Jersey. The case involved breach of contract claims brought by the former majority shareholder of a company acquired by LPL in 2014. The plaintiff appealed to the Third Circuit, arguing that the trial judge made a number of erroneous evidentiary rulings. On December 28, 2018, the Third Circuit issued a decision affirming the trial court judgment on all counts. This is third case arising out of the acquisition that the firm has successfully litigated on behalf of LPL, and the second time the Third Circuit has affirmed a trial court judgment in LPL’s favor.