Conflicts of Intrest

[StewartUNT]

Jurisdiction

US Federal Law

So I have a client I am working with who asked me and interesting question.

They are one of the largest financial firms in the U.S. and they have an entirely out sourced IT Department but the company who is providing there IT is also a client of theirs.

Considering the vast amounts of personal information and the fact that their out sourced IT has access to it all. Is this not a conflict of interest as having a client who pays for services perform services where they can see what others are charged and doing?

Possibly do you see any other points of conflict with this?

 

[justblue]

So I have a client I am working with who asked me and interesting question.

They are one of the largest financial firms in the U.S. and they have an entirely out sourced IT Department but the company who is providing there IT is also a client of theirs.

Considering the vast amounts of personal information and the fact that their out sourced IT has access to it all. Is this not a conflict of interest as having a client who pays for services perform services where they can see what others are charged and doing?

Possibly do you see any other points of conflict with this?

They should address this with their legal department and not strangers on the internet. Sorry if my advice sounds snarky, I don't intent to seem rude.

 

[StewartUNT]

They should address this with their legal department and not strangers on the internet. Sorry if my advice sounds snarky, I don't intent to seem rude.

Snarky, yes because I am not the client. I posed the question to the internet make sure you read before you assume.

 

[justblue]

Snarky, yes because I am not the client. I posed the question to the internet make sure you read before you assume.

sigh...I read the question. The best legal advice to give you is that your client..."one of the largest financial firms in the country" ...should discuss this with their legal dept. They have information that you are unable to provide that could affect the answer.

Now if you are asking this question for your own curiosity? Pay an attorney. I dislike assisting deliberately rude people.

Good Night.

 

[StewartUNT]

Not sure I would pay for your legal advise to begin with as you seem to be an ass.

 

[flyingron]

I guess I'm failing to see what the alleged conflict of interest is. A customer of the firm as a pecuniary interest as does a contractor.

Do you have something specific you are concerned about? There are details here that they indeed need to be exposing to their counsel, not some non-lawyer fishing around on the internet.

 

[StewartUNT]

Specifically I am posing the question as myself. I am not in a situation to tell the firm what they should or shouldn't do. Hints why I asked the question on a public forum as it is for my own interest and research as to what issues others may see with this situation.

 

[PayrollHRGuy]

I'm sure there is wording in the contract that protects "one of the largest financial firms in the U.S." and their data and I'm just as sure there is wording in the individual contracts of the IT firm that does exactly the same for them.

 

[StewartUNT]

I'm sure there is wording in the contract that protects "one of the largest financial firms in the U.S." and their data and I'm just as sure there is wording in the individual contracts of the IT firm that does exactly the same for them.

I'd like to believe that is the case but let's say there is no contract. Nothing in writing. This business deal runs back to the days when they were just a small firm

 

[Zigner]

Specifically I am posing the question as myself. I am not in a situation to tell the firm what they should or shouldn't do. Hints why I asked the question on a public forum as it is for my own interest and research as to what issues others may see with this situation.

Setting your rudeness aside, your question is unanswerable.

 

[flyingron]

You've still not indicated what you THINK the conflict might be. The fact that there are two relationships here (one as an investment customer and one as a contractor) doesn't make a prima facie conflict.

If it were possible that they could use their position as a contractor to benefit themselves as an investor to the detriment of other customers of the firm, then that would be a conflict, however if that were possible, it's probably the case that outsourcing such IT is problematic even if the contractor wasn't a customer of the firm.

I've certainly performed IT work for companies (including law firms) that I also had client relationships with.

 

[zddoodah]

I have a client I am working with

What sort of client (i.e., what is your profession)?

Considering the vast amounts of personal information and the fact that their out sourced IT has access to it all. Is this not a conflict of interest as having a client who pays for services perform services where they can see what others are charged and doing?

I don't really understand what the issue is (i.e., I don't see what interests you or your client thinks might be in conflict with each other), but it's not apparently a legal issue.

Care to clarify exactly what the issue is?

 

[justblue]

Not sure I would pay for your legal advise to begin with as you seem to be an ass.

An ass? Really? I flipping answered your question at 1 in the flipping morning and I'm an ass? Based on everything you posted I gave the correct answer. Go ask an attorney to answer your idle curiosity question...S/he will say that you don't provide enough facts to advise.

 

[Tax Counsel]

So I have a client I am working with who asked me and interesting question.

They are one of the largest financial firms in the U.S. and they have an entirely out sourced IT Department but the company who is providing there IT is also a client of theirs.

Considering the vast amounts of personal information and the fact that their out sourced IT has access to it all. Is this not a conflict of interest as having a client who pays for services perform services where they can see what others are charged and doing?

Possibly do you see any other points of conflict with this?

There is no conflict of interest as that term is normally used going on here, at least not based on what little you have said here. What conflict of interest do you see in this situation?

 

[PayrollHRGuy]

I'd like to believe that is the case but let's say there is no contract. Nothing in writing. This business deal runs back to the days when they were just a small firm

Sorry, I find that really hard to believe.

 

[adjusterjack]

Specifically I am posing the question as myself. I am not in a situation to tell the firm what they should or shouldn't do. Hints why I asked the question on a public forum as it is for my own interest and research as to what issues others may see with this situation.

There is no way of speculating whether or not there is a conflict of interests based on the dearth of information that you have provided.

A more important question is what, if any, harm is being done to any of the parties in the relationship? If all of the parties accept the status quo and no one is being harmed, the question is moot.