Legal Question in Business Law in Illinois

Contract violation
My contract reads ''during the term or one year after a trader shall not actively trade securities for the proprietary account of any person or entity other than (my company name) nor shall trader actively trade any account titled in the trader's name if such account has been funded, in whole or in part, by any person or entity other than trader.

My question is... Can i quit the firm i am currently working as an independent contractor, then fund my own account and trade on margin?

Asked on 11/28/05, 8:10 pm

Zedrick Braden III Ainsworth & Associates PC

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0 attorneys agreed

Re: Contract violation

Hello. The issue here is whether the contract

contains a covenant not to compete. From the

wording that you provide, it appears as if this

issue is not specifically dealt with in the contract. If you quit and trade, you might get

sued, but your defense is that the contract is

not specific. There are a few other issues that

you might want to think about. I'll be happy

to answer any more questions.

Answered on 11/29/05, 12:34 am

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