Court Denies Merrill Lynch's Attempt to Restart OpenArc/Dynasty Lawsuit
A federal judge in Atlanta, District Judge Victoria Calvert, ruled against Merrill Lynch's attempt to restart paused litigation against OpenArc Corporate Advisory and Dynasty Financial Partners. Merrill had argued that Dynasty reneged on an alleged promise to participate in FINRA arbitration, but the judge sided with Dynasty, stating that the earlier court order was 'plainly limited' and that Dynasty never consented to arbitration. The case stems from the 2025 launch of OpenArc, a $129 billion breakaway RIA formed by former Merrill advisors led by Erik Bjerke, who cited frustration with Merrill's lack of investment. Merrill sued for breach of non-solicitation agreements and alleged a 'corporate raid.' The litigation was paused for arbitration, but Merrill sought to reopen it after Dynasty refused to arbitrate. Dynasty accused Merrill of legal 'sleight of hand.' A Dynasty spokesperson praised the ruling, while Merrill vowed to continue litigating claims against all defendants.
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