Galante

The Retirement Group (TRG) filed this action alleging numerous individually named defendants, formerly affiliated with TRG, had established a business in competition with TRG. The complaint alleged that Advisers had misappropriated TRG’s trade secrets, which Advisers were using to solicit TRG’s existing customers to change their patronage to Advisers’ competing business. TRG sought and obtained a preliminary injunction that enjoined numerous categories of conduct by Advisers. This appeal challenges the preliminary injunction only insofar as it barred Advisers from “[d]irectly or indirectly soliciting any [current] TRG [customers] ... to transfer any securities account or relationship from TRG to [Advisers] or any broker-dealer or registered investment advisor other than TRG.”

I

FACTUAL AND PROCEDURAL BACKGROUND

A. The Parties

In the early 1990’s, Jastremski and Frank Cuenca formed an association and began doing business under the name “The Retirement Group.” They operated that association on an informal basis until approximately 2006. However, when Jastremski regained some of his securities licenses, he formally assumed a “partnership” interest in TRG.

TRG’s business…