Wellington Management might have won another round in its battle with former partner Arnold Schneider.
Although attorneys are still examining the documents, an opinion issued by the U.S. Court of Appeals for the Third Circuit in Philadelphia is believed to uphold Wellington's attempt to force Mr. Schneider to give up clients that followed him from Wellington to his new firm, Schneider Capital Management.
The ruling came in Wellington's appeal of a decision in a suit filed by Frank Russell, one of three large investors that left Wellington for Schneider.
Russell officials would not comment until the documents have been fully reviewed; Wellington executives also reserved comment.
