Fisher Investments sues former employees

NEW YORK, June 20 (Reuters) - Fisher Investments, founded by high-profile investor and writer Ken Fisher, said on Wednesday it took legal action to prevent at least 11 former employees from using confidential client data at their new jobs.

The firm said it won four arbitration cases, one as recently as last Monday, against ex-employees that resulted in payments to Fisher. The $37 billion fund manager said it has five other arbitration cases underway, along with suits against former employees now at Wachovia Securities (WB.N: Quote, Profile, Research).

A spokesman for Wachovia declined to comment.

Fisher said the breaches involved the improper disclosure of confidential client data such as account sizes, investment objectives and personal information.

In one case, a former Fisher salesperson showed confidential client information to a major U.S. brokerage while negotiating for a job there, Fisher said.

Fisher said it had advised "selected clients and some prospective clients" about the information breaches. None of the cases involved institutional accounts, Fisher said.

The Woodside, California-based firm said in a statement it was "confident we have effectively stopped the inappropriate and wrongful use of our clients' personal information."