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Former Employee Sues NY Asset Manager for Breach of Employment Contract


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1/1/2016
Jonathan Cooper
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In a lawsuit that was filed in NY Supreme Court in Manhattan yesterday, a senior-level fund manager sued his former employer, Blackrock, the world's leading asset management company, claiming that they are liable to him in breach of contract for wrongfully withholding "full, accurate and complete information" with regard to his trading activities. According to the complaint, this Track Record is critical to his marketing efforts because they help demonstrate to existing and prospective clients the results he has achieved in the past.

 

Not surprisingly, the complaint by plaintiff Michael Lipsky includes a claim that Blackrock's CEO has refused to provide the required information as retaliation, or "payback' for their displeasure at the timing of the plaintiff's resigation from Blackrock.

 

Reading this complaint, a normal reaction would be: "Why don't they just give him the information he's seeking?"

 

At this point, no answer or counterclaims have been filed. I think it's fairly safe to assume that there is another version of events that differs radically from the facts asserted by Lipsky.



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