HelpWanted.com

Former hedge fund employee sues firm for millions in lost pay

Former hedge fund employee sues firm for millions in lost pay
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
Tags In
Loans

Previous days news

Jul 1 Jun 29 Jun 27 Jun 24 Jun 22

You might also like

Best tech jobs in the United States : BLS data

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

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

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

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

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

Others news
Category
Tags
Unemployment Data Inspiring Youth Employment ICICI Bank World Bank Indian Economy Apple Hiring Covid Pandemic Language Jobs International Jobs Job Creations Delhi Gov Mental Health Upskill UPSC TN Jobs Karnataka High Court Jobs Lateral Hires Corporate Unemployment Workplace Diversity Covid-19 Jobs Parliament Job Fairs Tech Mahindra Jobs Recent Jobs Jobs In Kerala Intel Hiring Soft Skills DDC Jobs Tier 3 Jobs For Senior Citizens Tata Technologies Universal Basic Income Job Openings Work Post Covid Job Market Sports Quota HR Job Cuts Teachers Job Opening Teacher Uttarakhand Jobs State Bank Of India Tech Skills Drone Technology Platform Economy Tata Twitter Crime Indian Oil Job Vacancy
Articles

Let's Talk about the Hustle Economy

With the COVID-19 outbreak, it has increased manifold, owing to the rise in remote working. It’s be ...Read more

How to Avoid Burnout in 2022

Whatever your work setting may be, it’s important to stay productive while you don’t burn out. Here ...Read more

A Guide for HR Professionals to Ensure Diversity and Inclusivity at Workplace

One of the key responsibilities of HR teams is to ensure a diverse workplace and manage it effectiv ...Read more

Tips to Write Job Descriptions That Will Attract the Best Candidates

Just as the candidates need the right jobs to secure their future, the companies also need the righ ...Read more