Citizens sues SoFi as fights over talent, pipelines persist

Citizens Bank is suing SoFi Bank, alleging a campaign to poach mortgage loan officers and their pipelines, intensifying a long-running battle for housing finance talent. In the lawsuit, first reported by Law360, the Rhode Island lender accuses SoFi of racketeering and invokes civil RICO, claiming SoFi induced more than 30 loan officers and other mortgage staff to violate confidentiality and non-solicitation agreements. Citizens says SoFi’s conduct caused “devastating results,” including in Connecticut, where it alleges SoFi “essentially eliminated” its market presence and that poached employees drove $5 million in prior-year revenue. Citizens seeks injunctive relief from a Connecticut federal court to stop SoFi from using allegedly stolen information. SoFi did not respond.