The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Credit Suisse Group AG sued two of its former US-based wealth managers in a bid to nullify more than $1.6 million in back pay and fees the men were awarded in arbitration following a dispute over the terms of their departure.
Richard J Dellarusso and Mark L Sullivan left the bank to join rival UBS Financial Services Inc after Credit Suisse announced it was selling its US private banking business to Wells Fargo & Co in 2015. Credit Suisse said the men resigned, but Dellarusso and Sullivan claimed sale of the business constituted termination without cause and that they should have been paid their deferred compensation.
An arbitration panel at the Financial Industry Regulatory Authority sided with the brokers in a 2-1 split decision issued in November, awarding them back pay, attorneys fees and interest. The bank filed its lawsuitin New York State Supreme Court.
The Dellarusso and Sullivan cases are the latest among dozens of claims made since Credit Suisse made the deal with Wells Fargo.