New Wells Fargo (NYSE: WFC) Executive being Sued by Morgan Stanley (NYSE: MS)

Wells Fargo Advisors (NYSE: WFC) named Kevin Whitehead as its new managing director and market manager for St. Louis last week, and now Whitehead’s former employer, Morgan Stanley (NYSE: MS) is suing him for breach of contract.

In the lawsuit filed on Wednesday in the U.S. District Court in New York, Morgan Stanley’s Smith Barney accuses Whitehead of breach of contract as well as breach of loyalty and fiduciary duty, according to a report from Reuters.

Morgan Stanley says that Whitehead violated a 60 day notice period by beginning work immediately at his new employer. The company said that under his contract, Whitehead is not allowed to recruit any Morgan Stanley employees for six months after leaving and cannot solicit any of its clients for three months after leaving the firm.

A Wells Fargo spokeswoman, Teresa Dougherty, wrote in an e-mailed statement to the press that the company cannot comment on pending legislation. Dougherty commented that Wells Fargo Advisors has hired Whitehead and that they “anticipate that he will be joining the firm in 60 days”

In his new position, Whitehead will oversee Wells Fargo Advisors’ 12 private client group branches, 240 financial advisors and $17 billion worth of client assets in the St. Louis area, according to the company.

In his previous role, Whitehead oversaw six branches and more than 100 advisers for Morgan Stanley Smith Barney in St. Louis, according to Reuters.