Registered Investment Advisor Choreo has filed a lawsuit against composite planning at the heel of the registered investment advisor notifying Former Coreo advisers joined to plant a new office in des Moines, Iowa.
On Tuesday, the New York -based Family Office Complex demanded its addition of a four -person team that had overseen $ 1.2 billion with Aaron Schomer, Joleen Scheer, Lindsey O'neil and Kevin Lors. On Wednesday, Choreo responded with a lawsuit against the complex and advisers at the US District Court for the southern district of the Iowa Central Division.
In the lawsuit, Chicikago-based Choreo claims that councilors violated the customer's non-research agreements and their confidence task to Choreo by coordinating their exit and providing information such as the amount of customer assets they overseen in the firm.
“Since Choreo's departure on February 27, 2025, individual defendants have, with information and confidence, communicating with covered clients to remove them from Choreo and their new employment with composite planning,” the plaintiffs in the lawsuit. “The actions of individual defendants are designed to look for covered clients to interrupt their work with Korean and begin working with individual defendants in composite planning.”
Choreo claims in the complaint that three working days after leaving, four clients announced that they were ending with the firm – with a client clearly noting that they would leave for the complex. He also referred to LinkedIn posts that the councilors made to former clients.
“(I) In their respective posts of LinkedIn by notifying their new complex employment, the individual defendants invited people to their network to connect with them by providing their address of the email complex and/or a direct connection to their calendars,” the plaintiffs wrote.
Moreover, Choreo claims that the councilors violated their employment and trust obligations to the firm by planning to leave together in an orchestrated division.
“Seeking and encouraging each other to leave Choreo in favor of another employer, individual defendants acted in their own interest, and in the interest of the complex than Choreo's best interest,” the plaintiffs writes. “In doing so, the individual defendants violated their duties of loyalty to Koreo.”
Ingredients and advisers are opposing the charges and planning to file a response to court.
“Advisers are eagerly denying the allegations involved in the complaint, which is the Choreo version of events in the matter,” said Michael Ward, partner in Barton, representing Comp Compey and The Advisors through email. “While I can't offer many details given that the issue is going on, I can tell you that public politics is in favor of choosing the client and the public will see a response to the complaint in a timely manner.”
At the end of January, the complex had more than $ 3 billion in management asset, excluding the assets of new councilors.
Choreo, which Supervises $ 24.6 billion in customer assets. The complex is seeking compensatory and punitive damage to the trial and any other relief that the court considers appropriate.
“While no firm wants to take this type of action, the election of the removed councilors and their new employers forced us to protect Choreo and our customers,” said a choreo spokesman. “We are confident in our position and look forward to addressing these issues through the legal process.”
Choreo is being represented by Des Moines, NYEMASTER Good PC based on Iowa and Vedder Price based on Chicago PC
Choreo has doubled its client's assets over the past three years, partly due to organic growth since its creation in 2022 and its own purchases.