Empower Retirement has sued a breakaway advisory firm and 13 former Empower advisors who now work for it.
Empower has accused the firm, which is legally known as Atomi Financial and does business as Compound Planning, of misappropriating its trade secrets and using the trade secrets to poach its clients.
The Greenwood Village, Colorado-based business filed the complaint last week in the U.S. District Court for Colorado.
Representatives for Empower and Compound Planning could not immediately be reached for comment.
The companies: Empower is part of Great-West Life of Winnipeg, Manitoba.
It has been operating in the United States since 1906, but it began using big acquisitions to expand its U.S. retirement business in 2003. It agreed to pay $1 billion for Personal Capital, a robo-advisor with $13 billion in assets, in 2020.
Compound Planning has operations in Denver, New York and San Francisco.
