Goldman Sachs Group Inc. dropped its lawsuit against seven former executives at its private wealth management division who resigned this month to join a unit of rival investment bank Credit Suisse Group AG.
Goldman Sachs filed a voluntary motion of dismissal Friday, just two days after suing its former workers in federal court in Atlanta, court records show. Andrea Raphael, a Goldman Sachs spokeswoman in New York, would not comment.
Credit Suisse Securities USA offered the group of investment managers "tens of millions of dollars" to leave Goldman Sachs in an act of "pirating," according to the complaint filed Feb. 17. Several of the managers immediately began soliciting former clients in violation of their Goldman Sachs contracts, the investment bank said.
Goldman Sachs had sought a court order against former employees David Greene, Craig Savage, Andrew Thompson, Sharran Srivatsaa, John Pitt, Stephanie Dennard and Kim Tyson to prevent them from disclosing proprietary information, and to block them from recruiting ex-clients. No reason was given in Friday's filing for dropping the case.