Former hedge fund employee sues firm for millions in lost pay

Jul 06, 2022
278 views
0 comments
Share
Wellness Benefits

A former employee of the investment firm Archegos is suing the firm mand its founder Bill Hwang and five other former top executives. The investment firm had previously caused a brief market panic when it lost more than $10 billion in a matter of days last year. The lawsuit was filed against the firm on Tuesday in Federal District Court in Manhattan. Tech stock analyst Brendan Sullivan joined Archegos in 2014 and resigned shortly after it blew up.

Sullivan says he lost $50 million, as part of a $500 million deferred employee compensation plan that evaporated along with Archegos’s other assets when its highly leveraged options strategy failed. The lawsuit seeks to force Mr. Hwang to cover the losses. Meanwhile, Mr. Hwang was charged with fraud this year after suspicion of misleading lenders and market manipulation.

According to the lawsuit, fund employees were told that the deferred pay plan was guaranteed and that it was invested in highly liquid stocks. But the lawsuit states that both these claims were false. It says employees were forced to contribute at least 25% of their annual bonus to the plan and declare how much they would defer before they knew the details of the bonus.

Source: The New York Times

278 views
0 comments

Tags In

Loans

Previous days news

Jul 1 Jun 29 Jun 27 Jun 24 Jun 22

Best tech jobs in the United States : BLS data

Sep 06, 2022
549 views
0 comments
Background Checks

For several reasons, the IT sector is appealing to job seekers. ...Read more

Salaries for Californian fast food employees might rise to $22 per hour

Sep 06, 2022
502 views
0 comments
Background Checks

Despite the opposition of restaurant owners who worried it would raise customers' bills, California Governor Gavin Newsom on Monday signed a nation-leading law providing more than 500,000 fast food employees additional authority and rights. ...Read more

Workers leave as job dissatisfaction grows

Aug 17, 2022
584 views
0 comments
Background Checks

Demands for improved pay and workplace environments are coming from workers in California to New York. ...Read more

Microsoft offers graduates from African nations job prospects in the US & Canada

Aug 17, 2022
479 views
0 comments
Background Checks

New graduates from institutions in Nigeria and other African nations have been made aware of job prospects by Microsoft. ...Read more

Casper is hiring professional sleepers

Aug 10, 2022
562 views
0 comments
Background Checks

A mattress company is searching for a role where napping while working is not only acceptable but also required. 'Casper Sleepers' are being hired by Casper, a New York-based business established in 2014. ...Read more

Former hedge fund employee sues firm for millions in lost pay

Former hedge fund employee sues firm for millions in lost pay

Tags In

Others news

Category

Tags

Articles