HSBC Executive Files Counter-Claim in $1 Billion Poaching Suit

David Sabow, an executive at HSBC Holdings Plc, has filed a legal counter-claim against First Citizens Bank & Trust Co. as part of an ongoing $1 billion legal battle. The dispute centers on allegations from First Citizens that Sabow led an illicit scheme to steal trade secrets and poach more than 40 employees from Silicon Valley Bank after its 2023 collapse and subsequent acquisition by the parent company of First Citizens.

Sabow and HSBC have contested the accusations of theft and illicit poaching. In his counter-claim, Sabow argues that First Citizens is attempting to enforce non-compete agreements that violate California law. He asserts that the bank's legal actions interfere with the fundamental freedom of workers to change employers.