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Finance broker sought to recover unpaid salary and profit share
08 November 2011
We acted on behalf of a finance broker in a claim to the County Court seeking to recover unpaid salary and profit share, including a breach of an agreement to "make whole" or buy out the value of the relinquished stock and options which our client had been entitled to in his last job and had given up on joining his current employer.
The litigation was complex because it was necessary to bring it against multiple defendants, each of which had been incorporated in different low tax jurisdictions in order to minimise the tax burden on both the Claimant and Respondent. The employment relationship between the parties was extremely complicated and set out in a number of different agreements and documents.
A claim was issued and some preliminary hearings took place, including a Case Management Conference. We then entered into settlement discussions with the Respondent. After negotiations, the matter was concluded by way of a Compromise Agreement and Consent Order which provided for substantial compensation for loss of salary, profit, shares and options, plus payment of the Claimant's legal fees.