HS Secures Temporary Injunction for Investment Adviser Client in Miami-Dade Non-Compete Dispute

July 21, 2026

Harris St. Laurent LLP partner Evan W. Bolla secured a temporary injunction for L1 Capital Global, Inc. against a former employee and his new venture in a closely watched restrictive covenant dispute in Florida’s Eleventh Judicial Circuit. The decision has the potential to set a precedent for protectable interests for financial services firms in Florida, extending the scope of a key statute.

In a June 30, 2026, order, Judge Thomas J. Rebull granted L1's motion for a temporary injunction against former employee Federico Raffetti and Afferra Capital Partners, the investment management business Raffetti helped form after leaving L1. Following a multi-day evidentiary hearing, the court found that Raffetti violated the confidentiality and non-solicitation provisions of his employment agreement and, notably, held that L1's relationships with brokers, intermediaries and investment banks constitute a protectable legitimate business interest under Florida's restrictive covenant statute, Fla. Stat. § 542.335.

The order enjoins Raffetti from working with a former L1 colleague for the balance of the 24-month restricted period, requires the return or destruction of L1's confidential business materials and denies the defendants' counterclaim seeking a declaration that the restrictive covenants were unenforceable.

The court's recognition of broker and investment-bank relationships as a protectable interest extends reasoning from White v. Mederi Caretenders (Fla. 2017) and Infinity Home Care v. Amedisys (4th DCA 2015), cases that originated in the healthcare referral-source context, into the investment management industry.

"This ruling confirms something Florida courts have recognized in other industries but hadn't yet applied squarely to investment management: the relationships a firm spends years building with brokers and intermediaries are a protectable business asset,” said Bolla. “We’re pleased for our client and grateful to the court for taking the time to carefully evaluate the record against established law.”

In addition to Bolla, the Harris St. Laurent team on this matter includes partner Yonaton Aronoff and associates Marilyn Yuan and Hetali Sheth.