A lawsuit has been filed against a former executive of Guaranteed Rate Mortgage for allegedly conspiring to recruit a group of employees for a rival.

Joe Caltabiano was a senior vice president who worked for 15 years at the Chicago-based mortgage banking firm.

He reportedly earned $1.75 million this year through his departure date on Nov. 15. In addition, he is still among the 10-largest shareholders.

Source: Mortgage Daily