Private Equity Firm Defeats Ex-Partner's $10M Damage Claim
A Commercial Division judge sitting in Westchester County has dismissed all claims by a "bitter and disappointed" former partner of a private equity firm who argued his former employer owed him more than $10 million in damages.
August 28, 2017 at 04:03 PM
9 minute read
A Commercial Division judge sitting in Westchester County has dismissed all claims by a “bitter and disappointed” former partner of a private equity firm who argued his former employer owed him more than $10 million in damages.
Represented by attorneys from Kasowitz Benson Torres, the Briarcliff Manor-based Saw Mill Capital fended off allegations of breach of contract and unjust enrichment by John Shaia, a former partner at the firm who was terminated in 2011 and claims that the firm violated an oral compensation agreement to provide him with one-on-one leverage and pay him a certain percentage of carried interest on profits earned by the firm's main fund.
In a decision signed Aug. 25, Westchester County Supreme Court Justice Alan Scheinkman of the Commercial Division, who held a bench trial in the case in April, said there were credibility problems with Shaia's testimony on key points in the case.
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Trending Stories
- 1Wine, Dine and Grind (Through the Weekend): Summer Associates Thirst For Experience in 'Real Matters'
- 2The Law Firm Disrupted: For Big Law Names, Shorter is Sweeter
- 3The 'Biden Effect' on Senior Attorneys: Should I Stay or Should I Go?
- 4BD Settles Thousands of Bard Hernia Mesh Lawsuits
- 5'You Are Not Alone': 120 Sex Assault Victims Plan to Sue Sean 'Diddy' Combs
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250