Former Investment Partner Awarded Millions for Breach of Contract
A six-person jury last week found that William Lomas' former business partners breached a contract with him when he gave notice to leave the firm. He has been awarded $4.1 million
November 12, 2017 at 01:32 PM
3 minute read
A Stamford Superior Court jury has awarded the former treasurer of an investment advisory firm $4.15 million plus interest and fees for not meeting a contractual obligation to buy him out after he gave notice he was leaving the firm.
Following more than five weeks at trial, a six-person jury handed down the verdict Nov. 3, finding Westport-based Partner Wealth Management and three of its members were obligated to buy out William Lomas' 25-percent share of the company upon his departure in 2014. When Kevin Burns, James Pratt-Heaney and William Loftus failed to buy him out, Lomas sued. An amended suit was filed in December 2015.
The total amount of the award—with six percent interest plus attorney fees—is expected to total between $7 and $8 million, according to Thomas Rechen, one of Lomas' attorneys. The defense has until Nov. 17 to file post-trial motions, which could lead to an appeal in Appellate Court.
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