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.
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